Quarterly report [Sections 13 or 15(d)]

INCOME (LOSS) PER SHARE AND SHAREHOLDERS' EQUITY

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INCOME (LOSS) PER SHARE AND SHAREHOLDERS' EQUITY
3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
INCOME (LOSS) PER SHARE AND SHAREHOLDERS' EQUITY

6. 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 months ended March 31, 2025 and 2024 (in thousands, except per share data):

 

 

 

Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

Numerator:

 

 

 

 

 

 

Net income

 

$

3,827

 

 

$

6,240

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

Weighted average basic shares

 

 

16,339

 

 

 

16,215

 

Effect of dilutive share-based awards

 

 

383

 

 

 

540

 

Weighted average diluted shares

 

 

16,722

 

 

 

16,755

 

 

 

 

 

 

 

 

Basic income per share

 

$

0.23

 

 

$

0.38

 

Diluted income per share

 

$

0.23

 

 

$

0.37

 

Shareholders’ Equity

We have a share repurchase program, as amended (“Share Repurchase Program”), authorizing the repurchase of up to $5.0 million of our outstanding common stock, effective until December 15, 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 our common stock and may be modified, increased, suspended or terminated at the discretion of our Board. During the three months ended March 31, 2025 and 2024, we repurchased 86,364 and 60,860 shares of our common stock for $0.6 million and $0.3 million, respectively, and at March 31, 2025, we had remaining authorization to purchase $3.1 million under the Share Repurchase Program.