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Equity | 9 Months Ended
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Sep. 30, 2023
Equity [Abstract] |
Stockholders' Equity Note Disclosure | 7. STOCKHOLDERS’ EQUITY 2021 Share Repurchase Program During the nine months ended September 30, 2022, the Company completed discrete open market repurchases under the 2021 Share Repurchase Program of 1,193,037 shares for approximately $25.8 million. The Company completed the repurchases under the 2021 Repurchase Plan on April 29, 2022. The repurchased shares were subsequently retired. 2022 Share Repurchase Program On April 27, 2022, the Board approved a stock repurchase program (the “2022 Repurchase Plan”) that authorizes the Company to purchase, from time to time, up to an additional $100.0 million of its outstanding common stock through open market repurchases in compliance with Rule 10b-18 under the Exchange Act and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements and other factors. The 2022 Repurchase Plan has no time deadline and will continue until otherwise modified or terminated by the Board at any time in its sole discretion. During the nine months ended September 30, 2023, the Company repurchased 803,591 shares for approximately $27.7 million, excluding excise tax. No shares were repurchased during the three months ended September 30, 2023. As of September 30, 2023, the remaining dollar value of shares that may be repurchased under the 2022 Repurchase Plan was $21.0 million, excluding excise tax. The repurchased shares were subsequently retired. 2023 Share Repurchase Program On April 27, 2023, the Board approved a stock repurchase program (the “2023 Repurchase Plan”) that authorizes the Company to purchase, from time to time, up to an additional $100.0 million of our outstanding common stock, upon completion of our 2022 Repurchase Plan, through open market repurchases in compliance with Rule 10b-18 under the Exchange Act and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements and other factors. Shares repurchased will be retired. The 2023 Repurchase Plan has no time deadline and will continue until otherwise modified or terminated by the Board at any time in its sole discretion. As of September 30, 2023, the remaining dollar value of shares that may be repurchased under the 2023 Repurchase Plan was $100.0 million, excluding excise tax. Preferred Stock The table below presents a summary of the perpetual preferred stock outstanding at September 30, 2023 and December 31, 2022.
Series |  | Description |  | Initial date of issuance |  | Total Shares Outstanding |  | Liquidation Preference per Share (in dollars) |  | Carrying Value (in thousands) |  | Per Annum Dividend Rate |  | Redemption Period
Series A(1) |  | 5.75% Cumulative Perpetual |  | December 2021 |  | 2,000 |  |  | $ | 25 |  |  | $ | 50,000 |  |  | 5.75 | % |  | n/a
(1) Ownership is held in the form of Depositary Shares, each representing a 1/1,000th interest in a share of preferred stock, paying a quarterly cash dividend, if and when declared. Dividends Dividends paid on our Series A preferred stock were $0.7 million and $2.2 million for the three and nine months ended September 30, 2023, respectively, and $0.7 million and $2.1 million for the three and nine months ended September 30, 2022, respectively. On October 26, 2023, the Board declared a quarterly cash dividend of $0.359 per depositary share on the Company’s preferred stock. The dividend is payable on December 15, 2023 to stockholders of record as of December 1, 2023.

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