Quarterly report pursuant to Section 13 or 15(d)

Equity

v3.22.1
Equity
 3 Months Ended
Mar. 31, 2022
Equity [Abstract]  
Equity

5. Equity

On February 21, 2022, the Company’s board of directors (the “Board”) declared a quarterly dividend of $0.02 per share of common stock, which was paid on March 29, 2022 to stockholders of record as of March 15, 2022, totaling approximately $2.5 million. The amount and timing of dividends payable on the common stock are within the sole discretion of the Board, which will evaluate dividend payments within the context of the Company’s overall capital allocation strategy on an ongoing basis, giving consideration to its current and forecast earnings, financial condition, cash requirements and other factors. As a result of the dividend declaration, the conversion price of the Company’s Series A convertible preferred stock adjusted from $12.00 to $11.98 per share, as were the threshold share prices in the Deferred Shares agreement (as defined in Note 8). On April 29, 2022, the Board declared a quarterly dividend of $0.02 per share of common stock, to be paid on June 15, 2022 to stockholders of record as of May 31, 2022.

The Board has also authorized a share repurchase program for up to an aggregate of $50 million of outstanding shares of common stock. The share repurchase program does not have a stated expiration date. In the three months ended March 31, 2022, the Company repurchased approximately 1.4 million shares of common stock under the repurchase program for approximately $12.0 million, or an average share price of $8.49.