Equity

9 Months Ended

Sep. 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.

During the nine month period ended September 30, 2022, the Company repurchased 2,423,644 shares for approximately $50.0 million. The Company completed the repurchases under the 2021 Repurchase Plan on April 29, 2022. The repurchased shares were subsequently retired.

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. 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.

Under the 2022 Repurchase Plan, the Company repurchased 2,420,915 shares for approximately $51.3 million during the nine month period ended September 30, 2022. The remaining dollar value of shares that may yet be purchased under the 2022 Repurchase Plan was $48.7 million as of September 30, 2022. The repurchased shares were subsequently retired.

Preferred Stock

The table below presents a summary of the perpetual preferred stock outstanding at September 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

On October 27, 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 December 15, 2022 to stockholders of record as of December 1, 2022.

Preferred share dividends paid totaled $0.7 million and $2.1 million for the three and nine months ended September 30, 2022. As the Series A Preferred Stock was issued in December 2021, no dividend payments were made during the three and nine months ended September 30, 2021.