Company: ZEUS
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001437749-25-004742
Chunk: 668

Company: OLYMPIC STEEL INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 4
Chunk 668
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2022 totaled $10.0 million, $13.6 million and $33.4 million, respectively. Some subsidiaries of the Company’s consolidated group file state tax returns on a separate company basis and have state net operating loss carryforwards expiring over the next 15 to 20 years. A valuation allowance is recorded to reduce certain deferred tax assets to the amount that is more likely than not to be realized. The valuation allowances recorded as of  December 31, 2024 and 2023 were related to certain state net operating losses and totaled $0.4 million and $0.5 million, respectively.

    15.  Shares Outstanding and Earnings Per Share: 

   Earnings per share have been calculated based on the weighted average number of shares outstanding as set forth below:

       For the years ended December 31,  
 (in thousands, except per share data)   2024    2023    2022  
             
 Weighted average basic shares outstanding   11,677   11,573   11,551 
 Assumed exercise of stock options and issuance of stock awards   -   5   8 
 Weighted average diluted shares outstanding   11,677   11,578   11,559 
             
 Net income  $22,980  $44,529  $90,931 
             
 Basic earnings per share  $1.97  $3.85  $7.87 
 Diluted earnings per share  $1.97  $3.85  $7.87 
             
 Unvested RSUs and PSUs   134   207   194 

    16.  Equity Programs: 

   Stock Repurchase Program
    
   On  October 2, 2015, the Company announced that its Board of Directors authorized a stock repurchase program of up to 550,000 shares of the Company’s issued and outstanding common stock, which could include open market repurchases, negotiated block transactions, accelerated stock repurchases or open market solicitations for shares, all or some of which  may be affected through Rule 10b5-1 plans. Any of the repurchased shares are held in the Company’s treasury, or canceled and retired as the Board of Directors  may determine from time to time. Any repurchases of common stock