CAPITAL STOCK

12 Months Ended

Dec. 31, 2021

Capital Stock [Abstract]

Capital Stock

NOTE 7. CAPITAL STOCK

Common Stock Issuances

During 2021 and 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 Program

(3)

Second Quarter

5.40

23,087,089

124,746

At the Market Offering Program

(3)

Third Quarter

4.94

35,818,338

177,007

At the Market Offering Program

(3)

Fourth Quarter

4.87

23,674,698

115,398

100,828,173

$

514,059

2020

At the Market Offering Program

(3)

First Quarter

$

6.23

3,170,727

$

19,447

At the Market Offering Program

(3)

Second Quarter

-

-

-

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

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)

As of December 31, 2021, the Company had entered into ten equity distribution agreements, nine 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. On December 9, 2021, the Board of Directors approved an increase in the number of shares of the

Company’s common stock available in the stock repurchase program for up to an additional

16,861,994

 shares, bringing the remaining

authorization under the stock repurchase program to

17,699,305

 shares, representing approximately 10% of the Company’s then

outstanding shares of common stock. 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, 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. The Company did not repurchase any of its common stock during the year ended December 31, 2021. 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. The remaining authorization under the stock repurchase program as of December 31, 2021

is

17,699,305

 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

0.780

97,601

2022 - YTD

(1)

0.110

19,502

Totals

$

12.545

$

459,066

On January 13, 2022, the Company declared a dividend of $0.055 per share to be paid on February 24, 2022. On February 16, 2022, the

Company declared a dividend of $0.055 per share to be paid on March 29, 2022. The dollar amount of the dividend declared in February 2022

is estimated based on the number of shares outstanding at February 25, 2022. 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, 2021.