COMMON STOCK REPURCHASES AND CASH DIVIDENDS

12 Months Ended

Dec. 31, 2022

Equity Abstract

COMMON STOCK REPURCHASES AND CASH DIVIDENDS

9. COMMON STOCK REPURCHASES AND CASH DIVIDENDS:

Common Stock Repurchases

From time to time the Company’s board of directors has authorized the use of funds to repurchase shares of the Company’s common stock. In October 2018, the Company’s board of director’s authorized the use of $80.0 million for the repurchase of the Company’s common stock, and in each of April 2021 and October 2021, the Company’s board of directors authorized the use of an additional $50.0 million for the repurchase of the Company’s common stock. In January, February, April and October 2022, the Company’s board of directors authorized the use of an additional $100.0 million, $50.0 million, $75.0 million and $100.0 million, respectively, for the repurchase of the Company’s common stock, with repurchases to be executed according to pre-defined price/volume guidelines. In 2022, 2021 and 2020, the Company purchased approximately 3.8 million shares, 0.9 million shares and 63 thousand shares, respectively, for approximately $311.1 million, $73.9 million and $2.6 million, respectively. As of December 31, 2022, the Company had $81.3 million available for future stock repurchases.

Authorization of future stock repurchase programs is at the discretion of the Company’s board of directors and will depend on the Company’s financial condition, results of operations, capital requirements and business conditions as well as other factors.

Common Stock Dividend

The following table presents the quarterly dividends declared per share of the Company’s common stock for the periods indicated:

	Year Ended December 31,
	2022		2021		2020
First Quarter	$	0.18	$	0.13	$	0.095
Second Quarter	$	0.18	$	0.13	$	0.105
Third Quarter	$	0.18	$	0.13	$	0.110
Fourth Quarter	$	0.18	$	0.15	$	0.110

The Company paid a total of approximately $41.5 million, $32.6 million and $25.1 million in cash dividends during 2022, 2021 and 2020, respectively.

In October 2019, the Company’s board of directors declared a dividend of $0.095 per share to be paid to stockholders of record at the end of each quarter in 2020. In April 2020, the Company’s board of directors raised the cash dividends with the declaration of three cash dividends of $0.105 per share (in lieu of the $0.095 per share previously announced in October 2019) to be paid to stockholders of record at the end of each of the second, third and fourth quarter in 2020. In July 2020, the Company’s board of directors raised the cash dividends further with the declaration of two cash dividends of $0.11 per share (in lieu of the $0.105 per share announced in April 2020) to be paid to stockholders of record at the end of each of the third and fourth quarter in 2020.

In January 2021, the Company’s board of directors declared dividends of $0.13 per share to be paid to stockholders of record at the end of each quarter in 2021. In October 2021, the Company’s board of directors raised the quarterly cash dividend with the declaration of five cash dividends of $0.15 per share (the first in lieu of the $0.13 per share announced in January 2021) to be paid to stockholders of record at the end of the fourth quarter in 2021 and at the end of each quarter in 2022.

In January 2022, the Company’s board of directors raised the quarterly cash dividend by an additional $0.03 per share with the declaration of four cash dividends of $0.18 per share (in lieu of the $0.15 per share announced in October 2021) to be paid to stockholders of record at the end of each quarter in 2022.

In February 2023, the Company’s board of directors declared dividends of $0.19 per share to be paid to stockholders of record at the end of each quarter in 2023.