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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2023
Stockholders' Equity |
Stockholders' Equity | 6.  Stockholders’ Equity ​ As of September 30, 2023, the Company had 103,430,353 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 2023 |  | $ | 0.01 |  | $ | 1,033 | ​
Second quarter of 2023 |  | $ | 0.01 |  | $ | 1,032 | ​
Third quarter of 2023 |  | $ | 0.01 |  | $ | 1,034 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2022: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Special dividend declared in December 2021 and paid January 2022 |  | $ | 0.32 |  | $ | 33,280 | ​
First quarter of 2022 |  | $ | 0.09 |  | $ | 9,360 | ​
Second quarter of 2022 |  | $ | 0.09 |  | $ | 9,284 | ​
Third quarter of 2022 |  | $ | 0.01 |  | $ | 1,032 | ​
​ 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 each of May 17, 2022 and May 18, 2023, the Company granted shares under the Plan to non-employee directors with the compensation cost related to such grants indicated in the table below, which was recognized during the year ended December 31, 2022 and the nine months ended September 30, 2023, respectively, included in general and administrative expenses for the respective period. Such shares were fully vested on the date of issuance. ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Shares Available | ​ | Compensation
​ | ​ | for Grant | ​ | Cost
Balance December 31, 2021 | ​ | ​ | 1,780,820 | ​ | ​ | 1,012,500
Shares granted 2022 | ​ | ​ | (84,133) | ​ | ​ | 393,750
Balance December 31, 2022 | ​ | ​ | 1,696,687 | ​ | $ | 1,406,250
Shares granted 2023 | ​ | ​ | (194,439) | ​ | ​ | 314,991
Balance September 30, 2023 | ​ | ​ | 1,502,248 | ​ | $ | 1,721,241
​ | ​ | ​ | ​ | ​ | ​ | ​
​ 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 repurchased 846,739 shares of common stock during the first quarter of 2022 at an aggregate cost of approximately $4.8 million at an average cost of approximately $5.72 per share, inclusive of brokerage commissions. The Company did not repurchase any shares of common stock during the remainder of 2022 or the first quarter of 2023. The excess of the purchase price over the par value of the shares repurchased is applied to reduce additional paid-in capital. On February 10, 2023, the Company announced it had discontinued the previous repurchase authorization made on June 23, 2021. ​ 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, 2021 | ​ | ​ | 4,413,741 | ​ | $ | 37,019
Repurchase of shares | ​ | ​ | 846,739 | ​ | ​ | 4,843
Balance, December 31, 2022 | ​ | ​ | 5,260,480 | ​ | $ | 41,862
​ | ​ | ​ | ​ | ​ | ​ | ​
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