Company: NODK
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001174947-25-001142
Chunk: 44

Company: NI Holdings, Inc.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 44
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—  
     — 
  
    Issuance of treasury shares for vesting of restricted stock units 
     40,090  
     48,734 
  
    Shares outstanding, end of period 
     20,713,358  
     20,648,642 

The changes in the number of common shares outstanding excludes certain
non-forfeitable stock award shares that are included in the weighted average common shares outstanding used in basic earnings per common
share calculations. The net loss per diluted common share for the three- and six-month periods ended June 30, 2025, excluded the weighted
average effects of 54,926 and 67,994 shares, respectively, of stock awards since the impacts of these potential shares of common stock
were anti-dilutive. The net loss per diluted common share for the three- and six-month period ended June 30, 2024, excluded the weighted
average effects of 127,108 and 120,206 shares of stock awards since the impacts of these potential shares of common stock were anti-dilutive.

On May 9, 2022, our Board of Directors approved an
authorization for the repurchase of up to approximately $10,000 of the Company’s outstanding common stock. During the six months
ended June 30, 2025, we did not repurchase any shares of our common stock. During the six months ended June 30, 2024, we did not repurchase
any shares of our common stock. At June 30, 2025, $2,052 remains available under this authorization.

The cost of this treasury stock is a reduction of
shareholders’ equity within our Consolidated Balance Sheets.

Preferred Stock

The Company’s Articles of Incorporation provide
authority to issue up to five million shares of preferred stock. No preferred shares are issued or outstanding.

17.Share-Based Compensation

The NI Holdings, Inc. 2020 Stock and Incentive Plan
(the “Plan”) is designed to promote the interests of the Company and its shareholders by aiding the Company in attracting
and retaining employees, officers, consultants, independent contractors, advisors, and non-employee directors capable of assuring the
future success of the Company, to offer such persons incentives to put forth maximum efforts for the success of the Company’s business
and to afford such persons an opportunity to acquire an ownership interest in the Company, thereby aligning the interests of such persons
with the Company’s shareholders