Stockholders' Equity

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Stockholders' Equity

6. Stockholders’ Equity

Preferred Stock

The Company is authorized to issue 5,000,000 shares of preferred stock with a $0.0001 par value per share as of March 31, 2024 and December 31, 2023. There were no shares of preferred stock issued and outstanding as of March 31, 2024 and December 31, 2023.

Common Stock

The Company is authorized to issue 75,000,000 shares of common stock with $0.0001 par value per share as of March 31, 2024 and December 31, 2023. As of March 31, 2024, the shares of common stock issued and outstanding totaled 18,432,450. As of December 31, 2023, the shares of common stock issued and outstanding were 18,395,682.

The Company has reserved the following number of shares of common stock for future issuances:

	March 31, 2024
Outstanding stock awards		1,006,331
Shares available for future issuance under the 2017 Stock Incentive Plan		7,065,953
Total common stock reserved for future issuances		8,072,284

Dividend

On December 15, 2023, the Company announced a cash dividend of an aggregate of $0.50 per share for fiscal year 2024, payable in two equal installments of $0.25 per share. The first installment of the dividend was paid during the first fiscal quarter of 2024 in the aggregate amount of $4.6 million to stockholders of record as of the close of business on January 31, 2024. The second installment of the dividend has not accrued as of March 31, 2024 because it is anticipated to be paid in the third fiscal quarter of 2024 and the declaration of the second installment is subject to the approval of the Company’s board of directors and applicable law.

On December 16, 2022, the Company announced a cash dividend of an aggregate of $0.50 per share for fiscal 2023, payable in two equal installments of $0.25 per share. The first installment of the dividend was paid during the first fiscal quarter of 2023 to stockholders of record as of the close of business on January 31, 2023. The second installment of the dividend was paid in July 2023 to stockholders of record as of the close of business on June 30, 2023. The aggregate amount of the two dividend payments was $9.1 million.