Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 1232

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 3
Chunk 1232
---
 common stock were anti-dilutive.

On August 11, 2021, our Board of Directors approved
an authorization for the repurchase of up to approximately $5,000 of the Company’s outstanding common stock. During the year ended
December 31, 2021, we completed the repurchase of 81,095 shares of our common stock for $1,554 under this authorization. During the year
ended December 31, 2022, we completed the repurchase of 214,937 shares of our common stock for $3,446 to close out this authorization.

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 year ended
December 31, 2023, we completed the repurchase of 54,223 shares of our common stock for $734 under this authorization. During the year
ended December 31, 2023, we completed the repurchase of 548,549 shares of our common stock for $7,278, including the applicable excise
tax discussed below. During the year ended 

90 

December 31, 2024, we did not repurchase any shares of our common stock. At December 31, 2024,
$2,052 remains available under this authorization.

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

On August 16, 2022, the U.S. government enacted
the Inflation Reduction Act (“IRA”) which, among other changes, created a new corporate alternative minimum tax (“AMT”)
based on adjusted financial statement income and imposes a 1% excise tax on corporate stock repurchases, subject to certain adjustments.
The effective date of these provisions was January 1, 2023. The Company is not currently subject to the AMT based on our reported GAAP
earnings for the past three years. For periods subsequent to the effective date of the IRA, the cost of treasury stock acquired will include
any 1% excise tax imposed by the IRA. The Company does not expect the IRA to have a material impact on the Company’s financial position
and results of operations.

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.

18.       Share-Based
Compensation