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STOCKHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
STOCKHOLDERS' EQUITY
13. STOCKHOLDERS’ EQUITY
Preferred stock
The Company has 1 million authorized shares of preferred stock, $0.01 par value per share, of which none were issued and outstanding as of December 31, 2022.
The Board of Directors has the authority to issue the shares of preferred stock in one or more series, to establish the number of shares to be included in each series, and to determine the designation, powers, preferences, and rights of the shares of each series and the qualifications, limitations, or restrictions thereof, without any further vote or action by the stockholders. The issuance of preferred stock could decrease the earnings and assets available for distribution to holders of common stock and may have the effect of delaying, deferring, or defeating a change in control of the Company. The Company had not issued any shares of preferred stock through December 31, 2022.
Common stock
The Company has 200 million authorized shares of common stock, $0.01 par value per share, of which 82.4 million were issued and outstanding as of December 31, 2022.
Dividends declared
202220212020
Dividends declared (per share)$0.12 $0.12 $0.12 
Dividend payments to stockholders (in thousands)$9,834 $9,761 $9,628 
The Company paid a quarterly cash dividend of $0.03 per share in 2022, 2021, and 2020. In the future, the Board of Directors may terminate or modify the dividend program without prior notice.
Stock repurchases
(in thousands)202220212020
SharesAmountSharesAmountSharesAmount
January 1,$22,583 $37,726 $45,484 
Authorizations (1)
60,000 38,467 20,516 
Repurchases (2)
(280)(24,508)(432)(53,610)(278)(28,274)
December 31,$58,075 $22,583 $37,726 
(1) On June 2, 2022, the Company announced that the Board of Directors extended the current stock repurchase program’s expiration date to June 30, 2023 and increased the remaining stock repurchase authority to $60 million.
(2) Purchases under this program have been made on the open market.