CAPITAL STOCK

9 Months Ended

Sep. 30, 2022

Capital Stock [Abstract]

Capital Stock

NOTE 7. CAPITAL STOCK

Reverse Stock Split

On August 30, 2022, the Company effected a 1-for-5 reverse stock split of its common stock and proportionately decreased the

number of authorized shares of common stock. All share, per share, deferred stock unit (“DSU”) and performance unit information has

been retroactively adjusted to reflect the reverse split. The shares of common stock retain a par value of $0.01 per share. 

Common Stock Issuances

The Company did not complete any public offerings of its common stock during the nine months ended September 30, 2022. During

the year ended December 31, 2021, 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)

At the Market Offering Program

(3)

First Quarter

$

25.50

61,610

$

1,572

Follow-on Offerings

First Quarter

26.55

3,588,000

95,336

At the Market Offering Program

(3)

Second Quarter

27.00

4,617,418

124,746

At the Market Offering Program

(3)

Third Quarter

24.70

7,163,668

177,007

At the Market Offering Program

(3)

Fourth Quarter

24.35

4,734,940

115,398

20,165,636

$

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

400,000

 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

904,564

 shares of the Company's common stock. Coupled with the

156,751

 shares remaining from the original

400,000

share authorization, the increased authorization brought the total authorization to

1,061,316

 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

3,372,399

 shares, bringing the remaining authorization under the

stock repurchase program to

3,539,861

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

common stock.

On October 12, 2022, 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

4,300,000

 shares, bringing the remaining authorization under the

stock repurchase program to

6,183,601

 shares, representing approximately 18% 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. The stock repurchase program has no termination date.

From the inception of the stock repurchase program through September 30, 2022, the Company repurchased a total of

1,487,362

shares at an aggregate cost of approximately $

44.8

 million, including commissions and fees, for a weighted average price of $30.12

per share. During the nine months ended September 30, 2022, the Company repurchased a total of

350,260

 shares at an aggregate

cost of approximately $

4.4

 million, including commissions and fees, for a weighted average price of $

12.68

 per share. No shares were

repurchased during the year ended December 31, 2021. Subsequent to September 30, 2022, and through October 27, 2022, the

Company repurchased a total of

1,644,044

 shares at an aggregate cost of approximately $

14.2

 million, including commissions and

fees, for a weighted average price of $

8.64

 per share. The remaining authorization under the stock repurchase program as of October

27, 2022 was

5,845,557

 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

$

6.975

$

4,662

2014

10.800

22,643

2015

9.600

38,748

2016

8.400

41,388

2017

8.400

70,717

2018

5.350

55,814

2019

4.800

54,421

2020

3.950

53,570

2021

3.900

97,601

2022 - YTD

(1)

2.155

76,024

Totals

$

64.330

$

515,588

On

October 12, 2022

, the Company declared a dividend of $

0.16

 per share to be paid on

November 28, 2022

. The effect of this dividend is

included in the table above but is not reflected in the Company’s financial statements as of September 30, 2022.