Equity |
3 Months Ended |
|---|---|
Mar. 31, 2025 | |
| Stockholders' Equity Note [Abstract] | |
| Equity |
6. Equity Dividends The Company’s board of directors (the “Board”) declared, and the Company paid, dividends of $0.03 per share of common stock on March 21, 2025, totaling approximately $3.5 million for the three months ended March 31, 2025. 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 forecasted earnings, financial condition, cash requirements and other factors. As a result of the aggregate amount of dividends paid on the common stock through March 31, 2025, the conversion price of the Company’s Series A convertible preferred stock has been adjusted from $12.00 to $11.64 per share, as were the threshold share prices in the Additional Deferred Shares agreement (as defined in Note 9). The Board declared a quarterly dividend of $0.03 per share of common stock, to be paid on May 30, 2025 to stockholders of record as of May 19, 2025. Share Repurchase Plan In February 2022, the Board authorized a share repurchase program, which it subsequently increased in May 2023 and May 2024, to provide for the repurchase up to an aggregate of $125 million of outstanding shares of common stock. The share repurchase program does not have an expiration date. During the three months ended March 31, 2025, the Company repurchased approximately 1.3 million shares of common stock under the share repurchase program for approximately $5.2 million, or an average price of $4.01 per share. As of March 31, 2025, there was $20.5 million remaining under the share repurchase program. |