Equity

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Stockholders' Equity Note Disclosure

6. STOCKHOLDERS’ EQUITY

2021 Share Repurchase Program

On March 1, 2021, the Company’s Board of Directors (the “Board”) authorized a stock repurchase program (the “2021 Repurchase Plan”). The 2021 Repurchase Plan authorized the Company to purchase from time to time on or prior to December 31, 2022, up to $50.0 million of our outstanding common stock through open market repurchases in compliance with Rule 10b-18 under the Exchange Act and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements and other factors. Shares repurchased were retired.

During the period ended June 30, 2022, the Company completed discrete open market repurchases under the 2021 Repurchase Plan of 1,230,607 shares for approximately $24.3 million. The Company completed the $50.0 million of repurchases under the 2021 Repurchase Plan on April 29, 2022.

2022 Share Repurchase Program

On April 27, 2022, the Board approved a new stock repurchase program (the “2022 Repurchase Plan”) that authorizes the Company to purchase, from time to time, up to an additional $100.0 million of our outstanding common stock through open market repurchases in compliance with Rule 10b-18 under the Exchange Act and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements and other factors. Shares repurchased will be retired. The new plan has no time deadline and will continue until otherwise modified or terminated by the Board at any time in its sole discretion.

During the period ended June 30, 2022, the Company completed discrete open market repurchases under the 2022 Repurchase Plan of 1,988,569 shares for approximately $42.2 million, in addition to the amounts repurchased under the 2021 Repurchase Plan. As of June 30, 2022, the remaining dollar value of shares that may yet be purchased under the 2022 Repurchase Plan was $57.8 million.

Preferred Stock

The table below presents a summary of the perpetual preferred stock outstanding at June 30, 2022 and December 31, 2021.

Series	Description	Initial date of issuance	Total Shares Outstanding	Liquidation Preference per Share (in dollars)		Carrying Value (in thousands)		Per Annum Dividend Rate		Redemption Period
Series A(1)	5.75% Cumulative Perpetual	December 2021	2,000	$	25	$	50,000	5.75	%	n/a

(1)     Ownership is held in the form of Depositary Shares, each representing a 1/1,000th interest in a share of preferred stock, paying a quarterly cash dividend, if and when declared.

Dividends

According to the terms of the preferred stock offering, the Company will pay cumulative cash dividends on the Series A Preferred Stock, when and as declared by the Board, on a quarterly basis in arrears. On July 28, 2022, the Board declared a

quarterly cash dividend of $0.359 per depositary share on the Company’s preferred stock. The dividend is payable on September 15, 2022 to shareholders of record as of September 1, 2022. Preferred share dividends paid totaled $0.7 million and $1.4 million for the three and six months ended June 30, 2022. As the Series A Preferred Stock was issued in December 2021, no dividend payments were made during the three and six months ended June 30, 2021.