Shareholders' Equity (Tables)

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Equity [Abstract]

Summary of Changes in Shareholders' Equity

A summary of changes in shareholders’ equity for the three months ended March 31, 2024 is presented below:

	Common Stock		Additional Paid-In Capital		Retained Earnings		Treasury Stock		Deferred Compensation Trust		Deferred Compensation Liability		Total
Balance, December 31, 2023	$	206	$	2,848,528	$	13,365,025	$	(11,849,034)	$	(16,710)	$	16,710	$	4,364,725
Net income	—		—		394,269		—		—		—		394,269
Purchase of common stock for treasury	—		—		—		(498,776)		—		—		(498,776)
Equity-based compensation	—		17,141		—		—		—		—		17,141
Proceeds from Options exercised	—		67,022		—		—		—		—		67,022
Treasury stock issued upon Option exercise and RSU vesting	—		(26,984)		—		26,984		—		—		—
Balance, March 31, 2024	$	206	$	2,905,707	$	13,759,294	$	(12,320,826)	$	(16,710)	$	16,710	$	4,344,381

A summary of changes in shareholders’ equity for the three months ended March 31, 2023 is presented below:

	Common Stock		Additional Paid-In Capital		Retained Earnings		Treasury Stock		Deferred Compensation Trust		Deferred Compensation Liability		Total
Balance, December 31, 2022	$	206	$	2,600,014	$	11,773,414	$	(10,866,785)	$	(16,710)	$	16,710	$	3,506,849
Net income	—		—		344,352		—		—		—		344,352
Purchase of common stock for treasury	—		—		—		(110,048)		—		—		(110,048)
Equity-based compensation	—		22,277		—		—		—		—		22,277
Proceeds from Options exercised	—		81,916		—		—		—		—		81,916
Treasury stock issued upon Option exercise and RSU vesting	—		(27,566)		—		27,566		—		—		—
Balance, March 31, 2023	$	206	$	2,676,641	$	12,117,766	$	(10,949,267)	$	(16,710)	$	16,710	$	3,845,346