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CAPITAL STOCK
12 Months Ended
Dec. 31, 2020
Capital Stock [Abstract]  
Capital Stock
NOTE 7.
 
CAPITAL STOCK
 
 
Common Stock
 
Issuances
 
During 2020
 
and 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
At the Market Offering Program
(3)
Third Quarter
5.15
3,073,326
15,566
At the Market Offering Program
(3)
Fourth Quarter
5.41
6,775,187
36,037
13,019,240
$
71,050
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
(3)
Third Quarter
6.35
7,000,000
44,218
14,377,126
$
92,314
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)
 
As of December 31, 2020, the Company had entered into eight equity distribution
 
agreements, seven 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 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 December 31, 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 year ended December 31, 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 year ended
December 31, 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. During the year ended December 31, 2018, the Company
repurchased a total of
3,979,402
 
shares at an aggregate cost of approximately $
26.4
 
million, including commissions and fees, for a
weighted average price of $
6.64
 
per share. The remaining authorization under the repurchase program as of December
 
31, 2020 is
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
0.790
53,570
2021 - YTD
(1)
0.130
11,079
Totals
$
11.785
$
353,042
On January 14, 2021, the Company declared a dividend of $0.065 per
 
share to be paid on February 24, 2021. On February 10, 2021, the
Company declared a dividend of $0.065 per share to be paid on March
 
29, 2021. The dollar amount of the dividend declared in February 2021
is estimated based on the number of shares outstanding at February
 
26, 2021. The effect of these dividends are included in the table above,
but are not reflected in the Company’s financial statements as of December
 
31, 2020.