COMMON AND PREFERRED STOCK

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

COMMON AND PREFERRED STOCK

COMMON AND PREFERRED STOCK

Common Stock

On May 23, 2024, the Company filed an amendment to its certificate of incorporation, which was effective upon filing, to increase the number of authorized shares of common stock, par value $0.001 per share, from 135,000,000 to 270,000,000, as approved by the Company’s stockholders at the 2024 Annual Meeting of Stockholders on May 23, 2024. As of December 31, 2024 and 2023, the Company had 99,113,645 and 100,761,148 shares of common stock issued and outstanding, respectively.

Preferred Stock

The Company is authorized to issue up to 5,000,000 shares of preferred stock, par value $0.001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of December 31, 2024 and 2023, the Company had zero shares of preferred stock issued and outstanding.

2024 Activity

Common Stock

During the year ended December 31, 2024, 101,415 shares of common stock were surrendered by certain employees of the Company to cover tax obligations in connection with the vesting of their restricted stock awards.  The total value of these shares surrendered, based on the market prices on the dates the shares were surrendered, was approximately $3.8 million.

During the year ended December 31, 2024, the Company issued 656,297 shares of common stock in exchange for the surrender and cancellation of outstanding warrants to purchase common stock, which immediately prior to their cancellation were exercisable for an aggregate of approximately 1,223,963 shares of common stock at an exercise price of $26.33 per share.

During the year ended December 31, 2024, the Company issued 107,657 shares of its common stock as partial consideration for the Delaware Acquisition (see Note 3).

During the year ended December 31, 2024, the Company issued 225,773 shares of its common stock to executive officers, employees, and directors as stock-based compensation (see Note 6).

During the year ended December 31, 2024, the Company repurchased 2,535,391 shares of its common stock for total consideration of approximately $95.4 million (including commissions and $0.9 million in excise tax).

During the year ended December 31, 2024, 424 shares of the Company’s stock, previously issued as stock-based compensation, were forfeited by former employees of the Company upon separation.

Dividends

In February 2024, the Company’s board of directors declared a cash dividend on the Company’s common stock in the amount of $0.40 per share. The dividend was paid on April 30, 2024 to stockholders of record as of the close of business on March 28, 2024.

In May 2024, the Company’s board of directors declared a cash dividend on the Company’s common stock in the amount of $0.40 per share. The dividend was paid on July 31, 2024 to stockholders of record as of the close of business on June 27, 2024.

In August 2024, the Company’s board of directors declared a cash dividend on the Company’s common stock in the amount of $0.42 per share. The dividend was paid on October 31, 2024 to stockholders of record as of the close of business on September 27, 2024.

In November 2024, the Company’s board of directors declared a cash dividend on the Company’s common stock in the amount of $0.42 per share. The dividend was paid on January 31, 2025 to stockholders of record as of the close of business on December 30, 2024.

Subsequent to December 31, 2024, in January 2025, the Company’s board of directors declared a cash dividend on the Company’s common stock in the amount of $0.45 per share. The dividend is payable on April 30, 2025, to stockholders on record as of the close of business on March 28, 2025.

Stock Repurchase Program

In May 2022, the Company’s board of directors approved a stock repurchase program to acquire up to $150.0 million of the Company’s outstanding common stock.   In July 2024, the Company’s board of directors terminated the prior stock repurchase program, which was substantially depleted, and approved a new stock repurchase program to acquire up to $150.0 million of the Company’s outstanding common stock. The stock repurchase program allows the Company to repurchase its shares from time to time in the open market, block transactions and in negotiated transactions.

During the year ended December 31, 2024, the Company repurchased 2,535,391 shares of its common stock for $95.4 million (including commissions and $0.9 million in excise tax) under the stock repurchase program. During the year ended December 31, 2023, the Company repurchased 287,751 shares of its common stock under the stock repurchase program at a total cost of $8.0 million.

The Company’s accounting policy upon the repurchase of shares is to deduct its par value from common stock and to reflect any excess of cost over par value as a deduction from Additional Paid-in Capital. All repurchased shares are included in the Company’s pool of authorized but unissued shares.