Company: PAMT
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007273
Chunk: 262

Company: PAMT CORP
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1B
Chunk 262
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18,416  $90,672 
             
 Basic weighted average common shares outstanding(1)   21,878   22,056   22,246 
 Dilutive effect of common stock equivalents   -   141   190 
             
 Diluted weighted average common shares outstanding(1)   21,878   22,197   22,436 
             
 Basic (loss) earnings per share  $(1.45) $0.83  $4.08 
             
 Diluted (loss) earnings per share  $(1.45) $0.83  $4.04 

     (1)  As adjusted for the Company’s 2-for-1 forward stock splits paid in  March 2022. 

    15.  BENEFIT PLAN 

   The Company sponsors a benefit plan for the benefit of all eligible employees. The plan qualifies under Section 401(k) of the Internal Revenue Code thereby allowing eligible employees to make tax-deductible contributions to the plan. The plan provides for employer matching contributions of 50% of each participant’s voluntary contribution up to 3% of the participant’s compensation and vests at the rate of 20% each year until fully vested after five years. Total employer matching contributions to the plan were approximately $288,000, $245,000 and $212,000 in 2024, 2023 and 2022, respectively.

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    16.  COMMITMENTS AND CONTINGENCIES 

   We are involved in certain claims and pending litigation arising from the ordinary conduct of business. We also provide accruals for claims within our self-insured retention amounts. Since  September 1, 2020, we have been self-insured for certain layers of auto liability claims in excess of $2.0 million. We currently specifically reserve for claims that are expected to exceed $2.0 million when fully developed, based on the facts and circumstances of those claims. Based on our knowledge of the facts, and in certain cases, opinions of outside counsel, we believe the resolution of such claims and pending litigation will not have a material effect on our financial position, results of operations or cash flows. However, if we experience claims that are not covered by our insurance or that exceed our estimated claim reserve, it could increase the volatility of our earnings and have a materially adverse effect on our financial condition, results