Quarterly report pursuant to Section 13 or 15(d)

INCOME (LOSS) PER SHARE AND SHAREHOLDERS' EQUITY

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INCOME (LOSS) PER SHARE AND SHAREHOLDERS' EQUITY
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
INCOME (LOSS) PER SHARE AND SHAREHOLDERS' EQUITY

5. INCOME (LOSS) PER SHARE AND SHAREHOLDERS’ EQUITY

Income (Loss) Per Share

The following table presents the computation of basic and diluted income per share for the three and nine months ended September 30, 2024 and 2023 (in thousands, except per share data):

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

2,317

 

 

$

(33,235

)

 

$

10,446

 

 

$

(31,492

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average basic shares

 

 

16,489

 

 

 

16,287

 

 

 

16,373

 

 

 

16,162

 

Effect of dilutive share-based awards

 

 

239

 

 

 

—

 

 

 

409

 

 

 

—

 

Weighted average diluted shares

 

 

16,728

 

 

 

16,287

 

 

 

16,782

 

 

 

16,162

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income (loss) per share

 

$

0.14

 

 

$

(2.04

)

 

$

0.64

 

 

$

(1.95

)

Diluted income (loss) per share

 

$

0.14

 

 

$

(2.04

)

 

$

0.62

 

 

$

(1.95

)

 

Shareholders’ Equity

On December 1, 2023, our Board approved a share repurchase program (“Share Repurchase Program”) authorizing the repurchase of up to $5.0 million of our outstanding common stock, effective from December 15, 2023 through December 15, 2024. On October 31, 2024, our Board extended the Share Repurchase Program to December 31, 2025. The timing and amount of any share repurchases is at the discretion of management and may be made from time to time through transactions in the open market, in privately negotiated transactions or by other means in accordance with applicable laws. The Share Repurchase Program does not obligate us to repurchase any shares of common stock and may be modified, increased, suspended or terminated at the discretion of our Board. During the nine months ended September 30, 2024, we repurchased 171,768 shares of our common stock for $0.9 million, and at September 30, 2024, we had remaining authorization to purchase $4.0 million under the Share Repurchase Program.