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EQUITY
 12 Months Ended
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:

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Shares

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Aggregate Cost

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Average

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Year ended December 31, 

    

Repurchased

    

(in thousands)

    

Repurchase Price

 

2023

 

423,328

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$

14,999

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$

35.43

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2022

 

23,714

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​

942

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​

39.70

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2021

 

244,798

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​

10,546

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​

43.08

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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:

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Shares

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Aggregate Cost

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Average

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Year ended December 31, 

    

Repurchased

    

(in thousands)

    

Repurchase Price

​

2023

 

36,951

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$

1,473

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$

39.86

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2022

 

33,401

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​

1,169

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​

35.01

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2021

 

33,271

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​

1,713

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​

51.49

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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:

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Weighted Avg.

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Shares

    

Fair Value

 

Unvested as of January 1, 2023

 

260,497

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$

43.86

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Granted

 

151,560

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​

38.08

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Forfeited

 

(9,354)

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​

41.95

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Vested and issued

 

(118,419)

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​

44.99

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Unvested as of December 31, 2023

 

284,284

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$

40.37

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Weighted Avg. 

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Shares

    

Fair Value

 

Unvested as of January 1, 2022

 

228,068

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$

51.05

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Granted

 

152,430

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38.59

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Forfeited

 

(12,486)

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46.52

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Vested and issued

 

(107,515)

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51.33

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Unvested as of December 31, 2022

 

260,497

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$

43.86

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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.

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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:

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Weighted Avg.

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Shares

    

Fair Value

Unvested as of January 1, 2023

 

99,450

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$

52.54

Granted

 

59,100

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​

45.10

Forfeited

 

—

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​

—

Vested and issued

 

—

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—

Unvested as of December 31, 2023

 

158,550

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$

49.77

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Weighted Avg. 

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Shares

    

Fair Value

Unvested as of January 1, 2022

 

43,000

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$

59.77

Granted

 

56,450

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​

47.03

Forfeited

 

—

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​

—

Vested and issued

 

—

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​

—

Unvested as of December 31, 2022

 

99,450

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$

52.54

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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:

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Year Ended December 31, 2022

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Weighted Average

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Remaining

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Number of

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Weighted Avg.

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Contractual

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Aggregate

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Options

    

Exercise Price

    

Term (Years)

    

Intrinsic Value

 

Outstanding at January 1, 2022

 

5,000

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$

71.43

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Granted

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—

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—

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Forfeited

 

—

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—

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Expired

 

(5,000)

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—

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Exercised

 

—

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—

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Outstanding at December 31, 2022

 

—

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—

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—

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$

—

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Vested and expected to vest as of December 31, 2022

 

—

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—

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—

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$

—

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Exercisable at December 31, 2022

 

—

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—

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—

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$

—

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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.