STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

STOCKHOLDERS' EQUITY

12. STOCKHOLDERS’ EQUITY

Preferred stock

The Company has 1 million authorized shares of preferred stock, $0.01 par value per share, of which none were issued and outstanding as of December 31, 2021. The Board of Directors has the authority to issue the shares of preferred stock in one or more series, to establish the number of shares to be included in each series, and to determine the designation, powers, preferences, and rights of the shares of each series and the qualifications, limitations, or restrictions thereof, without any further vote or action by the stockholders. The issuance of preferred stock could decrease the earnings and assets available for distribution to holders of common stock and may have the effect of delaying, deferring, or defeating a change in control of the Company. The Company had not issued any shares of preferred stock through December 31, 2021.

Common stock

The Company has 200 million authorized shares of common stock, $0.01 par value per share, of which 81.7 million shares were issued and outstanding as of December 31, 2021.

Dividends declared

	2021		2020		2019
Dividends declared (per share)	$	0.12	$	0.12	$	0.12
Dividend payments to stockholders (in thousands)	$	9,761	$	9,628	$	9,486

The Company paid a quarterly cash dividend of $0.03 per share in 2021, 2020, and 2019, however, the Board of Directors may terminate or modify the dividend program at any time without prior notice.

Stock repurchases

(in thousands)	2021			2020			2019
	Shares	Amount		Shares	Amount		Shares	Amount
January 1,		$	37,726		$	45,484		$	6,620
Authorizations (1)		38,467			20,516			60,000
Repurchases (2)	(432)	(53,610)		(278)	(28,274)		(333)	(21,136)
December 31,		$	22,583		$	37,726		$	45,484

(1) On June 8, 2021, the Company announced that the Board of Directors extended the current stock repurchase program’s expiration date to June 30, 2022 and increased the remaining stock repurchase authority to $60 million.

(2) Purchases under this program have been made on the open market.