Equity

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Stockholders' Equity Note Disclosure

. STOCKHOLDERS’ EQUITY

2021 Share Repurchase Program

During the three months ended March 31, 2022, the Company completed discrete open market repurchases under the stock repurchase program approved in 2021 of 1,193,037 shares for approximately $25.8 million. There are no amounts remaining under the 2021 plan.

2022 Share Repurchase Program

On April 27, 2022, the Board of Directors (the “Board”) approved a new stock repurchase program (the “2022 Repurchase Plan”) that authorizes the Company to purchase, from time to time, up to $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 2022 Repurchase Plan has no time deadline and will continue until otherwise modified or terminated by the Board at any time in its sole discretion.

2023 Share Repurchase Program

On April 27, 2023, the Board approved a new stock repurchase program (the “2023 Repurchase Plan”) that authorizes the Company to purchase, from time to time, up to an additional $100.0 million of our outstanding common stock, upon completion of our 2022 Repurchase Plan, 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 2023 Repurchase 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 three months ended March 31, 2023, the Company repurchased 467,875 shares for approximately $15.4 million, excluding excise tax. As of March 31, 2023, the remaining dollar value of shares that may be repurchased under the 2022 Repurchase Plan was $33.3 million, excluding excise tax. The repurchased shares will be retired.

Preferred Stock

The table below presents a summary of the perpetual preferred stock outstanding at March 31, 2023 and December 31, 2022.

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

Dividends paid on our Series A preferred stock were $0.7 million for each of the three months ended March 31, 2023 and 2022, respectively.

On April 27,2023, the Board declared a quarterly cash dividend of $0.359 per depositary share on the Company’s preferred stock. The dividend is payable on June 15, 2023 to stockholders of record as of June 1, 2023.