CAPITAL STOCK

9 Months Ended

Sep. 30, 2019

NOTE 7. CAPITAL STOCK

Common Stock Issuances

During the nine months ended September 30, 2019, the Company completed the following public offerings of shares of its common stock. There were no common stock issuances through public offerings during 2018.

($ in thousands, except per share amounts)
			Weighted
			Average
			Price
			Received			Net
Type of Offering	Period		Per Share⁽¹⁾	Shares		Proceeds⁽²⁾
2019
At the Market Offering Program⁽³⁾	First Quarter	$	6.84	1,267,894	$	8,503
At the Market Offering Program⁽³⁾	Second Quarter		6.70	4,337,931		28,495
At the Market Offering Program⁽³⁾	Third Quarter		6.37	1,771,301		11,098
Follow-on Offering	Third Quarter		6.35	7,000,000		44,226
Total				14,377,126	$	92,322

Stock Repurchase Program

On July 29, 2015, the Company’s Board of Directors authorized the repurchase of up to 2,000,000 shares of the Company’s common stock. On February 8, 2018, the Board of Directors approved an increase in the stock repurchase program for up to an additional 4,522,822 shares of the Company's common stock. As part of the stock repurchase program, shares may be purchased in open market transactions, block purchases, through privately negotiated transactions, or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Open market repurchases will be made in accordance with Exchange Act Rule 10b-18, which sets certain restrictions on the method, timing, price and volume of open market stock repurchases. The timing, manner, price and amount of any repurchases will be determined by the Company in its discretion and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. The authorization does not obligate the Company to acquire any particular amount of common stock and the program may be suspended or discontinued at the Company’s discretion without prior notice.

From the inception of the stock repurchase program through September 30, 2019, the Company repurchased a total of 5,665,620 shares at an aggregate cost of approximately $40.3 million, including commissions and fees, for a weighted average price of $7.11 per share. During the nine months ended September 30, 2019, the Company repurchased a total of 469,975 shares at an aggregate cost of approximately $3.0 million, including commissions and fees, for a weighted average price of $6.43 per share. However, the Company did not repurchase any shares of its common stock during the three months ended September 30, 2019. The remaining authorization under the repurchase program as of September 30, 2019 was 857,202 shares.

Cash Dividends

The table below presents the cash dividends declared on the Company’s common stock.

(in thousands, except per share amounts)
Year		Per Share Amount		Total
2013	$	1.395	$	4,662
2014		2.160		22,643
2015		1.920		38,748
2016		1.680		41,388
2017		1.680		70,717
2018		1.070		55,814
2019 - YTD⁽¹⁾		0.800		44,321
Totals	$	10.705	$	278,293

^{[1],[2],[3],[4]}

[1]	Net proceeds are net of the underwriters’ discount, if applicable, and other offering costs.
[2]	On October 17, 2019 , the Company declared a dividend of $0. 08 per share to be paid on November 29 , 2019 . The effect of this dividend is included in the table above, but is not reflected in the Company’s financial statements as of September 30, 2019 .
[3]	The Company has entered into six e quity d istribution a greements, all six of which have either been terminated because all shares were sold or were replaced with a subsequent agreement .
[4]	Weighted average p rice received per share is before deducting the underwriters’ discount, if applicable, and other offering costs.