Annual report pursuant to Section 13 and 15(d)

Shareholders' Equity

Shareholders' Equity
12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Shareholders' Equity Shareholders' Equity
Authorized shares of common stock were $24.0 million ($1.00 par value) at December 31, 2023 and 2022.
Share Repurchase Program
The share repurchase program allows for repurchase of up to 790,383 shares of the Company's outstanding common stock and expires on February 17, 2025. The shares will be purchased from time to time at prevailing market prices, through open market or privately negotiated transactions, depending on market conditions. Under the program, the purchases will be funded from available working capital, and the repurchased shares will be returned to the status of authorized, but unissued shares of common stock or held in treasury. There is no guarantee as to the exact number of shares that will be repurchased by the Company, and the Company may discontinue purchases at any time that management determines additional purchases are not warranted. As of December 31, 2023, the Company has 536,871 shares of its share repurchase authorization remaining.
Shares repurchased for the year ended December 31, 2023 and 2022 were as follows:
Year Ended December 31,
2023 2022
Number of shares repurchased 143,108  110,404 
Average price per share $ 8.97  $ 12.16 
Total cost of shares repurchased1
$ 1,287,416  $ 1,345,540 
1Includes broker fees incurred as part of repurchase transactions

At the end of each fiscal year the Board reviews the financial performance and capital needed to support future growth to determine the amount of cash dividend, if any, which is appropriate. In 2023 and 2022, no dividends were declared or paid by the Company.