CAPITAL STOCK

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

CAPITAL STOCK

CAPITAL STOCK

In June 2021, we repurchased an aggregate of 600,000 shares of our common stock from the Lenders (as defined in Note 10 - Long-Term Debt And Other Long-Term Liabilities) which received these shares as an exit fee during our reorganization. The Lenders were paid $15.00 per share for their respective shares, for an aggregate cash purchase price of $9.0 million. The cash purchase price and direct acquisition costs are reflected as treasury stock on the consolidated balance sheets as of December 31, 2021.

In June 2021, our board of directors (the Board) authorized repurchasing up to $25.0 million of our outstanding common stock. In October 2021, the Board authorized an increase from $25.0 million of authorized repurchases to $50.0 million. The repurchases will be made through open market purchases, privately negotiated transactions, or other available means. We have no obligation to repurchase any shares under the repurchase program and may suspend or discontinue it at any time without prior notice.

As of December 31, 2021, we had repurchased a total of 1,271,963 shares at an average share price of $32.57 for an aggregate purchase price of $41.4 million under the repurchase program.

During the year ended December 31, 2021, we also repurchased 78,000 shares in a privately negotiated transaction at a share price of $19.07 which were not part of the repurchase program.

The cumulative number of shares repurchased as of December 31, 2021 totaled 1,949,963, resulting in outstanding shares of 10,050,037.