10. Treasury Stock

The Board of Directors has authorized share repurchases of up to $2,545,000 since the initiation of the Company’s stock repurchase program. The expiration date on the current repurchase authorization is March 1, 2027. Repurchases occur at the Company’s discretion. Repurchases may be made in the open market or in privately negotiated transactions, pursuant to the applicable SEC rules. The amount and timing of future share repurchases, if any, will be made as market and business conditions warrant.

During the three months ended March 31, 2026 the Company repurchased 725 shares of common stock, at an aggregate cost of $120,385. As of March 31, 2026, there remained $223,968 available under its current share repurchase authorization. Shares repurchased in lieu of taxes are not included in the repurchase plan totals as they were approved in conjunction with the restricted share awards. Excise taxes of $1,087 are not included in the repurchase plan totals but are included in the total cost of net share repurchases in the consolidated statement of stockholders’ equity.