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CAPITAL STOCK

6 Months Ended

Jun. 30, 2020

Capital Stock [Abstract]

NOTE 7. CAPITAL STOCK

Common Stock Issuances

During the six months ended June 30, 2020 and the year ended December 31, 2019, the Company completed the following public offerings of shares of its common stock.

($ in thousands, except per share amounts)
			Weighted
			Average
			Price
			Received				Net
Type of Offering	Period		Per Share⁽¹⁾		Shares		Proceeds⁽²⁾
2020
At the Market Offering Program⁽³⁾	First Quarter	$	6.23		3,170,727	$	19,447
Total					3,170,727	$	19,447
2019
At the Market Offering Program⁽³⁾	First Quarter	$	6.84		1,267,894	$	8,503
At the Market Offering Program⁽³⁾	Second Quarter		6.70		4,337,931		28,495
At the Market Offering Program⁽³⁾	Third Quarter		6.37		1,771,301		11,098
Follow-on Offering	Third Quarter		6.35		7,000,000		44,218
					14,377,126	$	92,314

(1) Weighted average price received per share is before deducting the underwriters’ discount, if applicable, and other offering costs.

(2) Net proceeds are net of the underwriters’ discount, if applicable, and other offering costs.

(3) The Company has entered into seven equity distribution agreements, six of which have either been terminated because all shares were sold or were replaced with a subsequent agreement.

Stock Repurchase Program

On July 29, 2015, the Company’s Board of Directors authorized the repurchase of up to 2,000,000 shares of the Company’s common stock. On February 8, 2018, the Board of Directors approved an increase in the stock repurchase program for up to an additional 4,522,822 shares of the Company's common stock. Coupled with the 783,757 shares remaining from the original 2,0000,000 share authorization, the increased authorization brought the total authorization to 5,306,579 shares, representing 10% of the Company’s then outstanding share count. As part of the stock repurchase program, shares may be purchased in open market transactions, block purchases, through privately negotiated transactions, or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Open market repurchases will be made in accordance with Exchange Act Rule 10b-18, which sets certain restrictions on the method, timing, price and volume of open market stock repurchases. The timing, manner, price and amount of any repurchases will be determined by the Company in its discretion and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. The authorization does not obligate the Company to acquire any particular amount of common stock and the program may be suspended or discontinued at the Company’s discretion without prior notice.

From the inception of the stock repurchase program through June 30, 2020, the Company repurchased a total of 5,685,511 shares at an aggregate cost of approximately $40.4 million, including commissions and fees, for a weighted average price of $7.10 per share. During the six months ended June 30, 2020, the Company repurchased a total of 19,891 shares at an aggregate cost of approximately $0.1 million, including commissions and fees, for a weighted average price of $3.42 per share. During the six months ended June 30, 2019, the Company repurchased a total of 469,975 shares at an aggregate cost of approximately $3.0 million, including commissions and fees, for a weighted average price of $6.43 per share. The remaining authorization under the repurchase program as of June 30, 2020 was 837,311 shares.

Cash Dividends

The table below presents the cash dividends declared on the Company’s common stock.

(in thousands, except per share amounts)
Year				Per Share Amount		Total
2013			$	1.395	$	4,662
2014				2.160		22,643
2015				1.920		38,748
2016				1.680		41,388
2017				1.680		70,717
2018				1.070		55,814
2019				0.960		54,421
2020 - YTD⁽¹⁾				0.465		30,595
Totals			$	11.330	$	318,988

On July 15, 2020, the Company declared a dividend of $0.06 per share to be paid on August 27, 2020. The effect of this dividend is included in the table above, but is not reflected in the Company’s financial statements as of June 30, 2020.