STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

STOCKHOLDERS' EQUITY

14. STOCKHOLDERS’ EQUITY

Preferred stock

The Company has 1 million authorized shares of preferred stock, $0.01 par value per share, of which none were issued and outstanding as of December 31, 2023.

The Board of Directors has the authority to issue the shares of preferred stock in one or more series, to establish the number of shares to be included in each series, and to determine the designation, powers, preferences, and rights of the shares of each series and the qualifications, limitations, or restrictions thereof, without any further vote or action by the stockholders. The issuance of preferred stock could decrease the earnings and assets available for distribution to holders of common stock and may have the effect of delaying, deferring, or defeating a change in control of the Company.

Common stock

The Company has 200 million authorized shares of common stock, $0.01 par value per share, of which 83.8 million were issued and outstanding as of December 31, 2023.

Dividends declared

	2023		2022		2021
Dividends declared (per share)	$	0.12	$	0.12	$	0.12
Dividend payments to stockholders (in thousands)	$	9,964	$	9,834	$	9,761

The Company paid a quarterly cash dividend of $0.03 per share in 2023, 2022, and 2021. In the future, the Board of Directors may terminate or modify the dividend program without prior notice.

Stock repurchases

(in thousands)	2023			2022			2021
	Shares	Amount		Shares	Amount		Shares	Amount
January 1,		$	58,075		$	22,583		$	37,726
Authorizations (1)		1,925			60,000			38,467
Repurchases (2)	—	—		(280)	(24,508)		(432)	(53,610)
December 31,		$	60,000		$	58,075		$	22,583

(1) On April 25, 2023, the Company announced that the Board of Directors extended the current stock repurchase program’s expiration date to June 30, 2024 and increased the remaining stock repurchase authority to $60 million.

(2) Purchases under this program have been made on the open market.