Equity

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Equity

Note 20 -- Equity

Stockholders’ Equity

Common Stock

In March 2022, the Company’s Board of Directors authorized a plan to repurchase up to $20,000 of the Company’s common shares before commissions and fees through December 31, 2022. There was no stock repurchase plan approved by the Board of Directors during 2021. In December 2019, the Board of Directors decided to extend the term of the 2019 stock repurchase plan to March 15, 2020, and in March 2020, the Board approved a stock repurchase plan to repurchase up to $20,000 of the Company’s common shares before commissions and fees during 2020. The shares may be purchased for cash in open market purchases, block transactions and privately negotiated transactions in accordance with applicable federal securities laws. There is no share repurchase plan approved by the Board for 2023.

During the years ended December 31, 2022 and 2020, the Company repurchased and retired 391,151 and 129,142 shares, respectively, at weighted average prices per share of $43.61 and $39.93, respectively, under these authorized repurchase plans. The total costs of shares repurchased under these plans, inclusive of fees and commissions, during the years ended December 31, 2022 and 2020 were $17,070 and $5,161, respectively, or $43.64 and $39.96 per share, respectively.

On October 13, 2022, the Company’s Board of Directors declared a quarterly dividend of $0.40 per common share. The dividends were paid on December 16, 2022 to stockholders of record on November 18, 2022.

Warrants

At December 31, 2022, there were warrants outstanding and exercisable to purchase 750,000 shares of HCI common stock at an exercise price of $54.40. The warrants expire on February 26, 2025.

Share Repurchase Agreement

In conjunction with the issuance of the 4.75% Convertible Senior Notes as described in Note 12 -- “Long-Term Debt” under Convertible Senior Notes, the Company used $66,853 of the net proceeds to repurchase and retire an aggregate of 1,037,600 shares of its common stock at a price of $64.43 per share from institutional investors.

Prepaid Share Repurchase Forward Contract

In March 2022, the Company’s prepaid share repurchase forward contract with Societe Generale, entered into in conjunction with the 2017 issuance of the 4.25% Convertible Senior Notes, was physically settled with the delivery from Societe Generale of 191,100 shares of HCI’s common stock to the Company.

Noncontrolling Interests

At December 31, 2022, there were 81,111,913 shares of TTIG’s common stock outstanding, of which 6,111,913 shares were not owned by HCI.

During the years ended December 31, 2022 and 2021, TTIG repurchased and retired a total of 69,876 and 48,901 shares, respectively, of its common stock surrendered by its employees to satisfy payroll tax liabilities associated with the vesting of restricted shares. The total cost of purchasing noncontrolling interests during the years ended December 31, 2022 and 2021 was $406 and $55, respectively.