Stockholders' Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Stockholders' Equity

STOCKHOLDERS’ EQUITY

As of December 31, 2021 and 2020, we had losses of $0.2 million and $8.8 million, respectively, in accumulated other comprehensive loss on our Consolidated Balance Sheets. The loss as of December 31, 2021 represented the unrealized loss on our terminated interest rate swaps of $9.9 million, net of taxes, less the effective portion of the unrealized gain on our interest rate swaps of $9.7 million, net of taxes. The loss as of December 31, 2020 represented the unrealized loss on our terminated interest rate swaps of $12.2 million, net of tax, less the effective portion of the unrealized gain on our forward interest rate swap of $3.4 million, net of tax. For additional information, see Note 11, Derivatives and Hedging Activities.

Our board of directors approved a stock repurchase program whereby we are authorized to purchase shares of our outstanding common stock. As of December 31, 2021, we had $100.0 million remaining under this repurchase program. On February 24,

2022, we announced that our board of directors extended the program end date from March 1, 2022 through March 1, 2023 and authorized an increase in the total amount of our outstanding common stock we can purchase up to $200.0 million. During the year ended December 31, 2020, we repurchased 633 thousand shares of our outstanding common stock with an aggregate price of approximately $33.9 million, or $53.57 average price per share. We did not repurchase any shares during the year ended December 31, 2021. The effect of these treasury shares reducing the number of common shares outstanding is reflected in our earnings per share calculation. In response to COVID-19, we temporarily suspended our share repurchase program from March 2020 until it was reinstated in November 2020.

Dividends

During the year ended December 31, 2021, we declared and paid the following cash dividends (amount declared and amount paid in thousands):

Declaration Date	Record Date	Payment Date	Dividend Per Share		Amount Declared		Amount Paid
2/23/2021	3/15/2021	3/31/2021	$	0.30	$	8,907	$	8,786
5/5/2021	6/15/2021	6/30/2021	0.30		8,910		8,821
8/5/2021	9/15/2021	9/30/2021	0.30		8,912		8,821
11/4/2021	12/15/2021	12/31/2021	0.30		8,911		8,866

The amount of dividends declared may vary from the amount of dividends paid in a period due to the vesting of restricted stock awards and performance share awards, which accrue dividend equivalent rights that are paid when the award vests. The payment of future dividends will be at the discretion of our board of directors and will depend on our future earnings, capital requirements, financial condition, future prospects, results of operations, contractual restrictions, legal requirements, and other factors deemed relevant by our board of directors. We did not declare or pay any cash dividends on our capital stock during the year ended December 31, 2020.

Our credit facilities place restrictions on the amount of dividends and stock repurchases we can make during a fiscal year. See Note 8, Long-Term Debt, for more information.