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Subsequent Events
3 Months Ended
Mar. 31, 2022
Subsequent Events [Abstract]  
Subsequent Events

NOTE 17: SUBSEQUENT EVENTS

Bond Repurchases. In April of 2022, we repurchased $15.2 million outstanding principal of our 2028 Notes for $16.5 million, resulting in the recognition of a loss of $1.3 million within other income (expense) within the Condensed Consolidated Statement of Comprehensive Income in the second quarter of 2022. As a result, we will write off $0.2 million of debt issuance costs in the second quarter 2022 within interest expense in the Condensed Consolidated Statement of Comprehensive Income.

Bond Repurchase Authorization. On May 4, 2022, the Company’s Board of Directors approved a bond repurchase program authorizing the Company to repurchase up to $172.0 million of the 2028 Notes, through December 31, 2022.  This bond repurchase program is in addition to the Company’s special redemption right to redeem up to $50 million in principal at a redemption price of 103.0% discussed in Note 7: Long Term Debt.  

 Under the bond repurchase program, management is authorized to purchase the 2028 Notes from time to time through open market purchases or privately negotiated transactions, including by making a tender offer to the holders of the Notes, and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, subject to market conditions and other factors. The Company expects to fund any repurchases under the note repurchase program or the special redemption right with cash and cash equivalents on hand.

Dividends. On May 4, 2022, the Board of Directors declared a quarterly cash dividend in the amount of $0.125 per share of common stock, payable on June 16, 2022 to stockholders of record as of June 2, 2022. Future quarterly dividends, if any, will be subject to Board approval.