Quarterly report pursuant to Section 13 or 15(d)


9 Months Ended
Sep. 30, 2023
Equity [Abstract]  

7. Equity

The Company’s board of directors (the “Board”) declared and the Company paid dividends of $0.03 per share of common stock on each of March 21, 2023, June 1, 2023 and September 1, 2023, totaling approximately $10.8 million in the nine months ended September 30, 2023. 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 aggregate amount of dividends paid on the common stock through September 30, 2023, the conversion price of the Company’s Series A convertible preferred stock has been adjusted from $12.00 to $11.82 per share, as were the threshold share prices in the Deferred Shares agreement (as defined in Note 10). The Board declared a quarterly dividend of $0.03 per share of common stock, to be paid on December 1, 2023 to stockholders of record as of November 17, 2023.

In February 2022, the Board authorized a share repurchase program for up to an aggregate of $50 million of outstanding shares of common stock and in May 2023, the Board increased the size of the share repurchase program to $100.0 million. The share repurchase program does not have an expiration date. In the three and nine months ended September 30, 2023, the Company repurchased approximately 1.5 million and 3.1 million shares of common stock, respectively, under the repurchase program for approximately $11.6 million and $23.5 million, or an average share price of $7.53 and $7.55, respectively.