XML 40 R24.htm IDEA: XBRL DOCUMENT v3.22.0.1
Shareholders' Equity
 12 Months Ended
Dec. 31, 2021
Stockholders' Equity Note [Abstract]  
Shareholders' Equity

(16.) SHAREHOLDERS’ EQUITY

The Company’s authorized capital stock consists of 50,210,000 shares of capital stock, 50,000,000 of which are common stock, par value $0.01 per share, and 210,000 of which are preferred stock, par value $100 per share, which is designated into two classes, Class A of which 10,000 shares are authorized, and Class B of which 200,000 shares are authorized. There are two series of Class A preferred stock: Series A 3% preferred stock and the Series A preferred stock. There is one series of Class B preferred stock: Series B-1 8.48% preferred stock. There were 172,921 and 173,282 shares of preferred stock issued and outstanding as of December 31, 2021 and 2020, respectively.

Common Stock

The following table sets forth the changes in the number of shares of common stock for the years ended December 31:

 

 

 

Outstanding

 

 

Treasury

 

 

Issued

 

2021

 

 

 

 

 

 

 

 

 

Shares outstanding at beginning of year

 

 

16,041,926

 

 

 

57,630

 

 

 

16,099,556

 

Shares issued for Landmark Group acquisition

 

 

12,831

 

 

 

(12,831

)

 

 

-

 

Restricted stock awards issued

 

 

9,350

 

 

 

(9,350

)

 

 

-

 

Restricted stock units released

 

 

24,069

 

 

 

(24,069

)

 

 

-

 

Stock awards

 

 

5,972

 

 

 

(5,972

)

 

 

-

 

Treasury stock purchases

 

 

(348,695

)

 

 

348,695

 

 

 

-

 

Shares outstanding at end of year

 

 

15,745,453

 

 

 

354,103

 

 

 

16,099,556

 

 

 

 

 

 

 

 

 

 

 

2020

 

 

 

 

 

 

 

 

 

Shares outstanding at beginning of year

 

 

16,002,899

 

 

 

96,657

 

 

 

16,099,556

 

Restricted stock awards issued

 

 

12,798

 

 

 

(12,798

)

 

 

-

 

Restricted stock units released

 

 

24,921

 

 

 

(24,921

)

 

 

-

 

Stock awards

 

 

8,439

 

 

 

(8,439

)

 

 

-

 

Treasury stock purchases

 

 

(7,131

)

 

 

7,131

 

 

 

-

 

Shares outstanding at end of year

 

 

16,041,926

 

 

 

57,630

 

 

 

16,099,556

 

 

Share Repurchases

In November 2020, the Company’s Board of Directors authorized a share repurchase program of common stock for up to 801,879 shares of common stock. Repurchased shares are recorded in treasury stock, at cost, which includes any applicable transaction costs. 340,688 shares were repurchased at an average price of $26.44 during the year ended December 31, 2021. No shares were repurchased under this program during the year ended December 31, 2020. As of December 31, 2021, the remaining number of shares authorized for repurchase under the repurchase program was 461,191.

Preferred Stock

Series A 3% Preferred Stock. There were 1,435 shares of Series A 3% preferred stock issued and outstanding as of December 31, 2021 and 2020. Holders of Series A 3% preferred stock are entitled to receive an annual dividend of $3.00 per share, which is cumulative and payable quarterly. Holders of Series A 3% preferred stock have no pre-emptive right in, or right to purchase or subscribe for, any additional shares of the Company’s capital stock and have no voting rights. Dividend or dissolution payments to the Class A shareholders must be declared and paid, or set apart for payment, before any dividends or dissolution payments can be declared and paid, or set apart for payment, to the holders of Class B preferred stock or common stock. The Series A 3% preferred stock is not convertible into any other of the Company’s securities.

Series B-1 8.48% Preferred Stock. There were 171,486 shares and 171,847 shares of Series B-1 8.48% preferred stock issued and outstanding as of December 31, 2021 and 2020. Holders of Series B-1 8.48% preferred stock are entitled to receive an annual dividend of $8.48 per share, which is cumulative and payable quarterly. Holders of Series B-1 8.48% preferred stock have no pre-emptive right in, or right to purchase or subscribe for, any additional shares of the Company’s common stock and have no voting rights. Accumulated dividends on the Series B-1 8.48% preferred stock do not bear interest, and the Series B-1 8.48% preferred stock is not subject to redemption. Dividend or dissolution payments to the Class B shareholders must be declared and paid, or set apart for payment, before any dividends or dissolution payments are declared and paid, or set apart for payment, to the holders of common stock. The Series B-1 8.48% preferred stock is not convertible into any other of the Company’s securities.