Company: PAMT
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001437749-25-015763
Chunk: 17

Company: PAMT CORP
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 1
Chunk 17
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 July 2023, when the Board of Directors reauthorized 500,000 shares of common stock for repurchase under the initial  September 2011 authorization. As of  March 31, 2025, there remain 474,016 shares of common stock authorized for repurchase under this plan.
    
   The Company accounts for treasury stock using the cost method. As of  March 31, 2025, 581,586 shares were held in the treasury at an aggregate cost of approximately $13,996,000.

   NOTE H: EARNINGS PER SHARE
   Basic earnings per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by adjusting the weighted average number of shares of common stock outstanding by common stock equivalents attributable to dilutive restricted stock. The computation of diluted earnings per share does not assume conversion, exercise, or contingent issuance of securities that would have an anti-dilutive effect on earnings per share. The computations of basic and diluted earnings per share were as follows:
   
       Three Months Ended  
   March 31,  
   2025    2024  
   (in thousands, except per share data)  
 Net (loss)/income  $(8,142) $281 
         
 Basic weighted average common shares outstanding   21,787   22,031 
 Dilutive effect of common stock equivalents   -   96 
 Diluted weighted average common shares outstanding   21,787   22,127 
         
 Basic (loss)/earnings per share  $(0.37) $0.01 
 Diluted (loss)/earnings per share  $(0.37) $0.01 

   NOTE I: INCOME TAXES
   The Company and its subsidiaries are subject to U.S. and Canadian federal income tax laws as well as the income tax laws of multiple state jurisdictions. The major tax jurisdictions in which the Company operates generally provide for a deficiency assessment statute of limitations period of three years, and as a result, the Company’s tax years 2021 and forward remain open to examination in those jurisdictions.
    
   In determining whether a tax asset valuation allowance is necessary, management, in accordance with the provisions of ASC 740-10-30, Accounting for Income Taxes, weighs all available evidence, both positive and negative, to determine whether, based on the weight of