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Note 4 - Shareholders' Equity and Preferred Stock
 12 Months Ended
Dec. 31, 2022
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]

4.

Shareholders’ Equity and Preferred Stock

 

During the years ended December 31, 2022, 2021 and 2020, we repurchased and contemporaneously retired 1,674,161 shares, 434,381 shares and 245,534 shares of our common stock at an aggregate cost of $88,939,000, $25,219,000 and $3,353,000, respectively, pursuant to both open market and private purchases and the return of stock by holders of equity incentive awards to pay tax withholding obligations.

 

During 2021, we had 1,459,233 loaned shares of common stock outstanding, which were originally lent in connection with our  November 2005 issuance of convertible senior notes. As of  December 31, 2021, all loaned shares had been returned to us and subsequently retired.

 

In June and July 2021, we issued an aggregate of 3,188,533 shares of 7.625% Series B Cumulative Perpetual Preferred Stock, liquidation preference of $25.00 per share (the “Series B Preferred Stock”), for net proceeds of approximately $76.5 million after deducting underwriting discounts and commissions, but before deducting expenses and the structuring fee. We pay cumulative cash dividends on the Series B Preferred Stock, when and as declared by our Board of Directors, in the amount of $1.90625 per share each year, which is equivalent to 7.625% of the $25.00 liquidation preference per share.

 

During the year ending December 31, 2022, we sold 19,607 shares of our Series B Preferred Stock under our “at-the-market” offering program (the “ATM Program”) for net proceeds of $0.4 million. During the year ended December 31, 2022, we repurchased and contemporaneously retired 3,500 shares of Series B Preferred Stock at an aggregate cost of $69,000. For further information regarding the ATM Program, see Note 15 “ATM Program.”