Quarterly report pursuant to Section 13 or 15(d)

Stockholder's Equity

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Stockholder's Equity
 9 Months Ended
Sep. 30, 2024
Stockholder's Equity  
Stockholder's Equity

Note 13 – Stockholder’s Equity

Preferred Stock

 

The Company is authorized to issue 9,840,000 shares of preferred stock with a par value of $0.0001. There were no shares of preferred stock that were issued or outstanding at September 30, 2024 or December 31, 2023, other than the Series A Preferred Stock discussed above.

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Common Stock

 

The issuance of a dividend is dependent on a variety of factors, including but not limited to, available cash and the overall financial condition of the Company. The issuance of a dividend is also subject to legal restrictions and the terms of the Company’s credit agreement. The Company did not issue dividends related to its common stock in the nine months ended September 30, 2024 and 2023, respectively.

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Stock Purchase Program

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The Company’s Board of Directors authorized a repurchase program of up to $15.0 million of outstanding common stock that was completed in December 2023. In March 2024, the Company’s Board of Directors authorized an additional $5.0 million of repurchases under this program. During the three and nine months ended September 30, 2024, the Company spent $2.3 million and $3.2 million, respectively, for the repurchases of 0.6 million and 0.7 million shares, respectively. During the three and nine months ended September 30, 2023, the Company repurchased 0.5 million and 1.1 million shares, respectively, for an aggregate consideration of $3.5 million and $7.6 million, respectively. As of September 30, 2024, the Company had repurchased 3,007,020 shares for $18.2 million under the repurchase program.

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