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Note 15 - Stockholders' Equity
 6 Months Ended
Jun. 30, 2023
Notes to Financial Statements  
Equity [Text Block]

15. Stockholders’ Equity

 

Preferred Stock

 

The Company’s Board of Director’s authorized the repurchase of up to 894,000 depositary shares of Class L preferred stock and 1,048,000 depositary shares of Class M preferred stock, representing up to 1,942 shares of the Company’s preferred stock, par value $1.00 per share, through December 31, 2023. During the six months ended June 30, 2023, the Company repurchased the following preferred stock:

 

Class of Preferred Stock

  

Depositary Shares Repurchased

    

Purchase Price (in thousands)

  

Class L

     43,777     $ 973.4  

Class M

     23,791     $ 515.9  

 

The Company’s outstanding Preferred Stock is detailed below (in thousands, except share data and par values):

 

As of June 30, 2023

Class of

Preferred

Stock

  

Shares

Authorized

    

Shares

Issued and

Outstanding

    

Liquidation

Preference

    

Dividend

Rate

    

Annual

Dividend per

Depositary

Share

    

Par

Value

  

Optional

Redemption

Date

Class L

     10,350       8,902     $ 222,543       5.125 %   $ 1.28125     $ 1.00  

8/16/2022

Class M

     10,580       10,465       261,636       5.250 %   $ 1.31250     $ 1.00  

12/20/2022
              19,367     $ 484,179                            

 

As of December 31, 2022

Class of

Preferred

Stock

  

Shares

Authorized

    

Shares

Issued and

Outstanding

    

Liquidation

Preference

    

Dividend

Rate

    

Annual

Dividend per

Depositary

Share

    

Par

Value

  

Optional

Redemption

Date

Class L

     10,350       8,946     $ 223,637       5.125 %   $ 1.28125     $ 1.00  

8/16/2022

Class M

     10,580       10,489       262,231       5.250 %   $ 1.31250     $ 1.00  

12/20/2022
              19,435     $ 485,868                            

 

Common Stock

 

The Company has a share repurchase program, which is scheduled to expire February 29, 2024. Under this program, the Company may repurchase shares of its common stock, par value $0.01 per share, with an aggregate gross purchase price of up to $300.0 million. The Company did not repurchase any shares under the share repurchase program during the six months ended June 30, 2023. As of June 30, 2023, the Company had $224.9 million available under this common share repurchase program.

 

Dividends Declared

 

The following table provides a summary of the dividends declared per share:

 

   

Three Months Ended June 30,

    

Six Months Ended June 30,

  
   

2023

    

2022

    

2023

    

2022

  

Common Shares

   $ 0.23000     $ 0.20000     $ 0.46000     $ 0.39000  

Class L Depositary Shares

   $ 0.32031     $ 0.32031     $ 0.64062     $ 0.64062  

Class M Depositary Shares

   $ 0.32813     $ 0.32813     $ 0.65626     $ 0.65626