Equity

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Equity

10. EQUITY

Common Shares

On June 9, 2022, we entered into an Equity Distribution Agreement with certain banks (the "2022 Equity Distribution Agreement") for the issuance and sale of up to $60.0 million of our common shares. Under the terms of the 2022 Equity Distribution Agreement, sales of our common shares may be made by any method deemed to be an "at-the-market offering" as defined in Rule 415 under the Securities Act of 1933. The Company elects when to issue a placement notice which may, among other sales parameters, specify the number of shares to be sold, the minimum price per share to be accepted, the daily volume of shares that may be sold and the range of dates when shares may be sold. The Company intends to use the net proceeds from any offerings for general corporate purposes. Pending these uses, Core Lab intends to invest the net proceeds in investment-grade interest-bearing obligations, highly liquid cash equivalents, certificates of deposit or direct or guaranteed obligations of the United States of America. As of the date of this report, the Company has not sold any shares under the 2022 Equity Distribution Agreement.

During the three months ended March 31, 2023, we distributed 2,000 common shares upon vesting of stock-based awards.

Treasury Shares

During the three months ended March 31, 2023, we distributed 150 treasury shares upon vesting of stock-based awards. During the three months ended March 31, 2023, we repurchased 57 of our common shares for $1 thousand, which were surrendered to us pursuant to the terms of a stock-based compensation plan in consideration of the participants' tax burdens resulting from the issuance of common shares under that plan. Such common shares, unless canceled, may be reissued for a variety of purposes such as future acquisitions, non-employee director stock awards or employee stock awards.

Dividend Policy

In March 2023, we paid a quarterly cash dividend of $0.01 per common share. In addition, on April 26, 2023, we declared a quarterly dividend of $0.01 per common share for shareholders of record on May 8, 2023, and payable on May 30, 2023.

Accumulated Other Comprehensive Income (Loss)

Amounts recognized, net of income tax, in accumulated other comprehensive income (loss) consist of the following (in thousands):

	March 31, 2023			December 31, 2022
Pension and other post-retirement benefit plans - unrecognized prior service costs and net actuarial loss	$	(5,079	)	$	(5,108	)
Interest rate swaps - net gain (loss) on fair value		1,541			1,331
Total accumulated other comprehensive income (loss)	$	(3,538	)	$	(3,777	)