Equity |
6 Months Ended |
|---|---|
Jun. 30, 2022 | |
| Equity [Abstract] | |
| Equity |
5. Equity 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, and declared a quarterly dividend of $0.02 per share of common stock, which was paid on June 15, 2022 to stockholders of record as of May 31, 2022, totaling approximately $2.4 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 paid on the common stock, the conversion price of the Company’s Series A convertible preferred stock has been adjusted from $12.00 to $11.96 per share, as were the threshold share prices in the Deferred Shares agreement (as defined in Note 8). The Board declared a quarterly dividend of $0.02 per share of common stock, to be paid on September 12, 2022 to stockholders of record as of August 29, 2022. In February 2022, the Board 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 and six months ended June 30, 2022, the Company repurchased approximately 3.1 million and 4.5 million shares of common stock under the repurchase program for approximately $27.0 million and $39.0 million, or an average share price of $8.65 and $8.60, respectively. |