Company: ZEUS
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001437749-25-014325
Chunk: 15

Company: OLYMPIC STEEL INC
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 8
Chunk 15
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 three months ended  March 31, 2025, the Company recorded an income tax provision of $1.1 million, or 30.1%, compared to an income tax provision of $3.2 million, or 27.0%, for the three months ended  March 31, 2024. 
    
   The tax provision for the interim period is determined using an estimate of the Company’s annual effective tax rate, adjusted for discrete items that are taken into account in the relevant period. Each quarter, the Company updates the estimate of the annual effective tax rate, and if the estimated tax rate changes, the Company makes a cumulative adjustment.
    
   The quarterly tax provision and the quarterly estimate of the annual effective tax rate is subject to significant volatility due to several factors, including variability in accurately predicting the Company’s pre-tax and taxable income and the mix of jurisdictions to which they relate, changes in law and relative changes of expenses or losses for which tax benefits are not recognized. Additionally, the effective tax rate can be more or less volatile based on the amount of pre-tax income. For example, the impact of discrete items and non-deductible expenses on the effective tax rate is greater when pre-tax income is lower.

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    13.  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 Three Months Ended  
   March 31,  
 (in thousands, except per share data)   2025    2024  
 Weighted average basic shares outstanding   11,730   11,663 
 Assumed exercise of stock options and issuance of stock awards   25   - 
 Weighted average diluted shares outstanding   11,755   11,663 
 Net income  $2,509  $8,697 
 Basic earnings per share  $0.21  $0.75 
 Diluted earnings per share  $0.21  $0.75 
 Unvested RSs and RSUs   142   174 

    14.  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