Quarterly report pursuant to Section 13 or 15(d)


9 Months Ended
Sep. 30, 2022
Equity [Abstract]  

7. Equity

The Company’s board of directors (the “Board”) declared quarterly dividends of $0.02 per share of common stock paid on March 29, 2022 to stockholders of record as of March 15, 2022, totaling approximately $2.5 million, paid on June 15, 2022 to stockholders of record as of May 31, 2022, totaling approximately $2.4 million, and paid on September 12, 2022 to stockholders of record as of August 29, 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 dividends paid on the common stock, the conversion price of the Company’s Series A convertible preferred stock has been adjusted from $12.00 to $11.94 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 6, 2022 to stockholders of record as of November 22, 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 nine months ended September 30, 2022, the Company repurchased approximately 400 and 4.5 million shares of common stock under the repurchase program for approximately $3.3 thousand and $39.0 million, or an average share price of $7.98 and $8.60, respectively.