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EQUITY | 12 Months Ended
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Dec. 31, 2023
EQUITY |
EQUITY | 10. EQUITY Common Stock The Company has paid quarterly dividends on its Common Stock since January 1999. Treasury Stock On December 14, 2023, the Company’s Board of Directors authorized the repurchase of up to $25.0 million of its Common Stock, from time to time, on the open market or in privately negotiated transactions (the “2023 Repurchase Plan”). The 2023 Repurchase Plan replaced the previously approved 2016 Repurchase Plan and, as of December 31, 2023, had all $25.0 million available to repurchase the Company’s Common Stock. During the years ended December 31, 2023, 2022 and 2021 (and prior to the effectiveness of the 2023 Repurchase Plan), the Company repurchased the following shares under the 2016 Repurchase Plan: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Shares | ​ | Aggregate Cost | ​ | Average | ​
Year ended December 31, |  | Repurchased |  | (in thousands) |  | Repurchase Price |
2023 |  | 423,328 | ​ | $ | 14,999 | ​ | $ | 35.43 | ​
2022 |  | 23,714 | ​ | ​ | 942 | ​ | ​ | 39.70 | ​
2021 |  | 244,798 | ​ | ​ | 10,546 | ​ | ​ | 43.08 | ​
​ During the years ended December 31, 2023, 2022 and 2021, the Company repurchased the following shares from employees to satisfy tax withholding and stock options exercise obligations incurred in connection with the vesting of restricted stock awards and the exercise of stock options: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Shares | ​ | Aggregate Cost | ​ | Average | ​
Year ended December 31, |  | Repurchased |  | (in thousands) |  | Repurchase Price | ​
2023 |  | 36,951 | ​ | $ | 1,473 | ​ | $ | 39.86 | ​
2022 |  | 33,401 | ​ | ​ | 1,169 | ​ | ​ | 35.01 | ​
2021 |  | 33,271 | ​ | ​ | 1,713 | ​ | ​ | 51.49 | ​
​ Stock-Based Compensation On June 6, 2023, the Company established the ATN International, Inc. 2023 Equity Incentive Plan (the “2023 Equity Incentive Plan”) and reserved 1,432,070 shares for the grant of restricted stock units, performance stock units and stock options and awards of shares of Common Stock that are not subject to restrictions or forfeiture. The 2023 Equity Incentive Plan replaces the previously approved ATN International, Inc. 2008 Equity Incentive Plan (the “2008 Equity Incentive Plan”). No additional grants shall be made under the 2008 Equity Incentive Plan on or after the effective date of the 2023 Equity Incentive Plan. Outstanding grants under the 2008 Equity Incentive Plan shall continue in effect according to their terms. As of December 31, 2023, the Company has 1,411,190 shares available for grants under the 2023 Equity Incentive Plan. Restricted Stock Restricted stock, previously granted under the 2008 Equity Incentive Plan and to be granted under the 2023 Equity Incentive Plan, vests over four years. The following table summarizes restricted stock activity during the years ended December 31, 2023 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | Weighted Avg. | ​
​ |  | Shares |  | Fair Value |
Unvested as of January 1, 2023 |  | 260,497 | ​ | $ | 43.86 | ​
Granted |  | 151,560 | ​ | ​ | 38.08 | ​
Forfeited |  | (9,354) | ​ | ​ | 41.95 | ​
Vested and issued |  | (118,419) | ​ | ​ | 44.99 | ​
Unvested as of December 31, 2023 |  | 284,284 | ​ | $ | 40.37 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | Weighted Avg. | ​
​ |  | Shares |  | Fair Value |
Unvested as of January 1, 2022 |  | 228,068 | ​ | $ | 51.05 | ​
Granted |  | 152,430 | ​ |  | 38.59 | ​
Forfeited |  | (12,486) | ​ |  | 46.52 | ​
Vested and issued |  | (107,515) | ​ |  | 51.33 | ​
Unvested as of December 31, 2022 |  | 260,497 | ​ | $ | 43.86 | ​
​ In connection with the grant of restricted stock, the Company recognized $5.4 million, $6.8 million and $5.4 million of compensation expense within its income statements for the years ended December 31, 2023, 2022, and 2021, respectively. The Company also recognized $0.7 million, $0.6 million and $0.4 million of compensation expense within its income statement for the years ended December 31, 2023, 2022, and 2021, respectively, for common stock of the Company’s subsidiaries granted to the management team of those subsidiaries. The unvested shares as of December 31, 2023 represent $7.9 million in unamortized stock-based compensation which will be recognized over a weighted average period of 2.4 years. ​ Performance-Based Stock Performance-based stock, previously granted under the 2008 Equity Incentive Plan and to be granted under the 2023 Equity Incentive Plan, vests on the third anniversary of the grant date. The following table summarizes performance stock activity during the years ended December 31, 2023 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | Weighted Avg.
​ |  | Shares |  | Fair Value
Unvested as of January 1, 2023 |  | 99,450 | ​ | $ | 52.54
Granted |  | 59,100 | ​ | ​ | 45.10
Forfeited |  | — | ​ | ​ | —
Vested and issued |  | — | ​ | ​ | —
Unvested as of December 31, 2023 |  | 158,550 | ​ | $ | 49.77
​
​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | Weighted Avg.
​ |  | Shares |  | Fair Value
Unvested as of January 1, 2022 |  | 43,000 | ​ | $ | 59.77
Granted |  | 56,450 | ​ | ​ | 47.03
Forfeited |  | — | ​ | ​ | —
Vested and issued |  | — | ​ | ​ | —
Unvested as of December 31, 2022 |  | 99,450 | ​ | $ | 52.54
​ In connection with the grant of performance-based stock, the Company recognized $2.5 million, $1.5 million and $0.7 million of compensation expense, during the years ended December 31, 2023, 2022 and 2021, respectively. All 158,550 shares remained unvested as of December 31, 2023 and represent $3.2 million in unamortized stock based compensation as of that date which will be recognized ratably over the next 1.8 years. Stock Options Stock options have a term of 10 years and vest annually and ratably over a period of four years. There was no stock option activity during the year ended December 31, 2023. The following table summarizes stock option activity for the year ended December 31, 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2022 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted Average | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Remaining | ​ | ​ | ​ | ​
​ | ​ | Number of | ​ | Weighted Avg. | ​ | Contractual | ​ | Aggregate | ​
​ |  | Options |  | Exercise Price |  | Term (Years) |  | Intrinsic Value |
Outstanding at January 1, 2022 |  | 5,000 | ​ | $ | 71.43 | ​ | ​ | ​ | ​ | ​ | ​
Granted | ​ | — | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | ​
Forfeited |  | — | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | ​
Expired |  | (5,000) | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | ​
Exercised |  | — | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | ​
Outstanding at December 31, 2022 |  | — | ​ | ​ | — | ​ | — | ​ | $ | — | ​
Vested and expected to vest as of December 31, 2022 |  | — | ​ | ​ | — | ​ | — | ​ | $ | — | ​
Exercisable at December 31, 2022 |  | — | ​ | ​ | — | ​ | — | ​ | $ | — | ​
​ The Company has not granted any options since 2017. The Company did not recognize any compensation expense, related to granted stock options, during the three years ended December 31, 2023.

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