Quarterly report [Sections 13 or 15(d)]

Shareholders' Equity

v3.26.1
Shareholders' Equity
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Shareholders' Equity Shareholders' Equity
Share Repurchase Program
On December 19, 2025, the Board of Directors authorized a new share repurchase program allowing for repurchase of up to 2.0 million shares of the Company's outstanding common stock over 24 months. 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 March 31, 2026, the Company has 1,702,809 shares of its share repurchase authorization remaining.
Shares repurchased for the three months ended March 31, 2026 and 2025 were as follows:
Three Months Ended March 31,
2026 2025
Number of shares repurchased1
295,695  16,822 
Average price per share $ 12.92  $ 12.73 
Total cost of shares repurchased2
$ 3,925,717  $ 214,622 
1Share repurchases in excess of issuances are subject to a 1% excise tax, which is included as part of the cost basis of the shares acquired
2Includes broker commissions paid as part of repurchase transactions