CAPITAL STOCK

3 Months Ended

Mar. 31, 2022

Capital Stock [Abstract]

Capital Stock

($ in thousands, except per share amounts)

Weighted

Average

Price

Received

Net

Type of Offering

Period

Per Share

(1)

Shares

Proceeds

(2)

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

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 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

2,000,000

share authorization, the increased authorization brought the total authorization to

5,306,579

 shares, representing 10% of the

Company’s then outstanding share count. 

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 March 31, 2022, 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 three months ended March 31, 2022 or during the year ended December 31, 2021. The

remaining authorization under the stock repurchase program as of March 31, 2022 was

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)

0.200

35,484

Totals

$

12.635

$

475,048

On

April 13, 2022

, the Company declared a dividend of $

0.045

 per share to be paid on

May 27, 2022

. The effect of this dividend is included in

the table above but is not reflected in the Company’s financial statements as of March 31, 2022.