Dividends and Share Repurchase

3 Months Ended

Mar. 31, 2022

Dividends and Share Repurchase [Abstract]

Dividends and Share Repurchase

Note 18. Dividends and Share Repurchase

The most recent dividend of $0.06 per common share was paid on April 8, 2022, to shareholders of record at the close of business on March 18, 2022.

Dividends are considered restricted payments under the Senior Secured Notes Indenture and 2021 Revolving Credit Facility. The Company is generally permitted to make restricted payments provided that, at the time of payment, or as a result of payment, the Company is not in default on its debt covenants. Additional earnings and market capitalization restrictions limit the aggregate amount of restricted, quarterly dividends during a fiscal year.

On February 25, 2020, the Company’s Board of Directors approved a $50.0 million share repurchase program, which is intended for opportunistic execution based upon a variety of factors including market dynamics. On October 25, 2021, the Board increased the approved share repurchase program by $30.7 million. On February 24, 2022, the Board increased the approve share repurchase program by $24.6 million. The program is subject to the ongoing discretion of the Board. The total number of shares repurchased for the three months ended March 31, 2022, was 310,224 shares for a total cost of $10.6 million and an average price per share of $34.24. $45.8 million remained available for share repurchases under the program at March 31, 2022.