Stockholders' Equity

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

Stockholders' Equity

12. Stockholders’ Equity

Stock Repurchase Program. We currently have a stock repurchase program, approved by our Board, authorizing us to repurchase shares of our common stock from time-to-time as market and business conditions warrant (the “Stock Repurchase Program”). During 2022, 2021, and 2020, we repurchased 1,497,000 shares of our common stock for $87.9 million (weighted–average price of $58.71 per share), 733,000 shares of our common stock for $36.0 million (weighted-average price of $49.13 per share), and 624,000 shares of our common stock for $26.3 million (weighted-average price of $42.13 per share), respectively, under a Securities and Exchange Commission Rule 10b5-1 Plan.

As of December 31, 2022, the remaining number of shares available for repurchase under the Stock Repurchase Program totaled 2.1 million shares.

Stock Repurchases for Tax Withholdings. In addition to the above-mentioned stock repurchases, during 2022, 2021, and 2020, we repurchased and then cancelled approximately 138,000 shares, 130,000 shares, and 254,000 shares for $8.7 million, $6.3 million, and $11.9 million, respectively, of common stock from our employees in connection with minimum tax withholding requirements resulting from the vesting of restricted stock under our stock incentive plans.

Cash Dividend. During 2022, 2021, and 2020 our Board approved total cash dividends of $1.06 per share, $1.00 per share, and $0.94 per share of common stock, totaling $33.7 million, $32.7 million, and $30.9 million, respectively.

Warrants. In 2014, in conjunction with the execution of an amendment to our current agreement with Comcast, we issued stock warrants (the “Warrant Agreement”) for the right to purchase up to 2.9 million shares of our common stock (the “Stock Warrants”) as an additional incentive for Comcast to convert customer accounts onto our solutions based on various milestones. The Stock Warrants have a ten-year term and an exercise price of $26.68 per warrant.

Of the total Stock Warrants issued, 1.9 million Stock Warrants have vested and been exercised. As of December 31, 2022, 1.0 million Stock Warrants remain issued, none of which have vested. The remaining unvested Stock Warrants will be accounted for as a customer contract cost asset once the performance conditions necessary for vesting are considered probable.

Once vested, Comcast may exercise the Stock Warrants and elect either physical delivery of common shares or net share settlement (cashless exercise). Alternatively, the exercise of the Stock Warrants may be settled with cash based solely on our approval, or if Comcast were to beneficially own or control in excess of 19.99% of the common stock or voting of the Company.