XML 26 R14.htm IDEA: XBRL DOCUMENT v3.21.2
Stockholders' Equity
 9 Months Ended
Sep. 30, 2021
Stockholders' Equity  
Stockholders' Equity

6.  Stockholders’ Equity

​

As of September 30, 2021, the Company had 105,632,725 shares of common stock outstanding. The Company declared and paid dividends as follows (in thousands, except per share amounts):

​

​

​

​

​

​

​

​

​

​

​

Dividends Per

​

Total

 

Quarter Paid

    

Share

    

Dividends

 

​

​

​

​

​

​

​

​

First quarter of 2021

 

$

0.09

 

$

9,660

​

Second quarter of 2021

 

$

0.09

 

$

9,659

​

Third quarter of 2021

 

$

0.09

 

$

9,666

​

​

​

​

​

​

​

​

​

First quarter of 2020

 

$

0.09

 

$

9,654

​

Second quarter of 2020

 

$

0.09

 

$

9,654

​

Third quarter of 2020

 

$

0.09

 

$

9,660

​

​

Equity-Based Compensation

​

On May 20, 2002, the stockholders of the Company approved the 2002 Stock Incentive Plan (the “Plan”). The Plan is an equity-based incentive compensation plan, and provides for the grants of up to a maximum of 2,000,000 shares of the Company’s common stock (“Awards”). All of the Company’s employees, officers, directors, consultants and advisors are eligible to be granted Awards. Awards under the Plan are made at the discretion of the Company’s Board of Directors, and have no vesting requirements. Upon granting an Award, the Company will recognize compensation cost equal to the fair value of the Company’s common stock, as determined by the Company’s Board of Directors, on the date of the grant.

​

On June 4, 2020, the Company granted 58,998 shares under the Plan to non-employee directors at a compensation cost of approximately $337,500 and on May 20, 2021, the Company granted 66,564 shares under the Plan to non-employee directors at a compensation cost of approximately $337,500, which was recognized during the nine months ended September 30, 2020 and 2021, respectively, and is included in general and administrative expenses for such periods. Such shares were fully vested on the date of issuance. There are currently 1,780,820 shares available for grant under the Plan.

​

​

​

​

​

​

​

​

​

​

    

Shares Available

​

Compensation

​

​

for Grant

​

Cost

​

​

​

​

​

​

​

Balance December 31, 2019

​

​

1,906,382

​

$

337,500

Shares granted 2020

​

​

(58,998)

​

​

337,500

Balance December 31, 2020

​

​

1,847,384

​

$

675,000

Shares granted 2021

​

​

(66,564)

​

​

337,500

Balance September 30, 2021

​

​

1,780,820

​

$

1,012,500

​

​

​

​

​

​

​

​

Repurchase of Common Stock

​

On June 23, 2021, the Board of Directors of the Company authorized the repurchase of up to $50 million of the Company’s common stock from time to time in the open market, privately negotiated transactions or other manners as permitted by federal securities laws. The repurchase authorization may be suspended or discontinued at any time. The Company subsequently repurchased 1,762,038 shares of common stock during the third quarter of 2021 at an aggregate cost of approximately $8.2 million at an average cost of approximately $4.68 per share, inclusive of brokerage commissions. The excess of the purchase price over the par value of the shares repurchased is applied to reduce additional paid-in capital. The Company did not effect any repurchases during 2020.

​

A summary of the repurchase of common stock by the Company is shown in the following table:

​

​

​

​

​

​

​

​

(Cost in thousands)

​

​

Shares Repurchased

​

Cost

Balance December 31, 2020

    

​

1,017,498

    

$

18,775

Repurchase of shares

​

​

1,762,038

​

​

8,244

Balance, September 30, 2021

​

​

2,779,536

​

$

27,019

​