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STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2021

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

(9)   STOCKHOLDERS’ EQUITY

Equity Offering

On July 17, 2020, the Company completed an underwritten public offering of an aggregate 2.75 million shares of common stock at a public offering price of $20.00 per common share. In the offering, 1.38 million shares of common stock were sold by the Company and 1.37 million shares of common stock were sold by Sandgaard Holdings, LLC, which is 100% controlled by Thomas Sandgaard, CEO and Chairman of the Board of Directors. Net proceeds to the Company, after deducting for direct costs associated with the offering, were $25.2 million.

Common Stock Dividend

The Company's Board of Directors declared a cash dividend of $0.10 per share and a stock dividend of 10% per share on November 9, 2021. The cash dividend of $3.6 million was paid out on January 21, 2022 to stockholders of record as of January 6, 2022. The 10% stock dividend declaration resulted in the issuance of an additional 3.6 million shares on January 21, 2022 to stockholders of record as of January 6, 2022.

Treasury Stock

On March 8, 2021, our Board of Directors approved a program to repurchase up to $10.0 million of our common stock at prevailing market prices either in the open market or through privately negotiated transactions through September 8, 2021. From the inception of the plan through September 8, 2021, the Company purchased 175,179 shares of our common stock for $2.7 million or an average price of $15.22 per share.

Warrants

A summary of stock warrant activity for the years ended December 31, 2021 and 2020 are presented below:

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	Weighted		​	​	​
​	​	​	​	Weighted		​	Average		​	Aggregate
​	​	Number of	​	Average		​	Remaining		​	Intrinsic
​	​	Warrants	​	Exercise		​	Contractual		​	Value
​		(in thousands)		Price			Life (Years)			(in thousands)
Outstanding at December 31, 2019		110	​	$	2.39	​	​	4.77		$	525
Granted		—	​	$	—	​		​		​	​
Exercised		—	​	$	—	​		​		​	​
Forfeited		—	​	$	—	​		​		​	​
Outstanding and exercisable at December 31, 2020		110	​	$	2.39	​		3.76	​	$	1,084
​	​	​	​	​	​	​	​	​	​	​	​
Outstanding at December 31, 2020		110	​	$	2.39	​		3.76	​	$	1,084
Granted		—	​	$	—	​		​	​	​	​
Exercised		(10)	​	$	2.27	​		2.76	​	​	192
Forfeited(1)		(1)	​	$	2.27	​		2.76	​		25
Outstanding and exercisable at December 31, 2021		99	​	$	2.40	​		2.76	​	$	660

​

(1) Warrants were exercised under a net exercise provision in the warrant agreement. As a result, approximately 1,000 warrants were forfeited in lieu of cash payment for shares.

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The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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