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CAPITAL STOCK
6 Months Ended
Jun. 30, 2021
Capital Stock [Abstract]  
Capital Stock
NOTE 7.
 
CAPITAL STOCK
 
 
Common Stock
 
Issuances
 
During the
 
six months
 
ended June
 
30, 2021 and
 
the year ended
 
December 31,
 
2020, 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)
2021
At the Market Offering Program
(3)
First Quarter
$
5.10
308,048
$
1,572
Follow-on Offerings
First Quarter
5.31
17,940,000
95,336
At the Market Offering Programs
(3)
Second Quarter
5.40
23,087,089
124,746
Total
41,335,137
$
221,654
2020
At the Market Offering Program
(3)
First Quarter
$
6.13
3,170,727
$
19,447
At the Market Offering Program
(3)
Second Quarter
-
-
-
At the Market Offering Program
(3)
Third Quarter
5.06
3,073,326
15,566
At the Market Offering Program
(3)
Fourth Quarter
5.32
6,775,187
36,037
13,019,240
$
71,050
Weighted average price received per share is after 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 nine equity distribution agreements,
 
eight 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
2,000,000
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, 2021, 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.
No shares were repurchased during the six months ended June 30, 2021. 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. The remaining authorization under the repurchase program as of June 30,
 
2021 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
0.790
53,570
2021 - YTD
(1)
0.455
45,460
Totals
$
12.110
$
387,423
On
July 14, 2021
, the Company declared a dividend of $
0.065
 
per share to be paid on
August 27, 2021
.
 
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, 2021.