Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Equity

Equity

The Company is authorized to issue up to 206,000,000 shares of common stock of $0.01 par value. At December 31, 2021 and 2020, the Company had 71,969,856 and 72,137,678 shares outstanding, respectively. The Company is also authorized to issue 2,000,000 shares of $0.01 par value preferred stock. As of December 31, 2021 and 2020, no shares of preferred stock have been issued. 

Stock Repurchase

In 2021, 2020 and 2019, the Company repurchased a total of 0.6 million, 0.3 million, and 1.1 million shares, respectively, at a cost of $24.4 million, $7.3 million and $31.8 million. The Company funded such repurchases with cash on hand and borrowings to the existing revolving credit facility. As of December 31, 2021, 2020 and 2019, the repurchased shares were permanently retired.

Dividends

The Company pays a regular quarterly dividend on common stock, subject to the declaration thereof by the Board of Directors ("Board") each quarter. Any declaration and payment of future dividends to holders of the common stock will be at the discretion of the Board and will depend on many factors, including the financial condition, earnings, available cash, business opportunities, legal requirements, restrictions in our debt agreements and other contracts, capital requirements, level of indebtedness and other factors that the Board deems relevant. The Company’s dividend activity in 2021 and 2020 was as follows:

Declaration Date	Record Date	Payment Date	Dividend per share
February 20, 2020	March 4, 2020	April 3, 2020	0.05
April 21, 2020	May 4, 2020	June 5, 2020	0.05
July 24, 2020	August 3, 2020	September 4, 2020	0.05
October 20, 2020	November 2, 2020	December 4, 2020	0.05
February 18, 2021	March 1, 2021	March 26, 2021	0.05
April 22, 2021	May 3, 2021	June 4, 2021	0.05
July 22, 2021	August 2, 2021	September 3, 2021	0.05
October 21, 2021	November 1, 2021	December 3, 2021	0.05

Accumulated Other Comprehensive Loss

The following table provides a summary of the changes in the balances comprising accumulated other comprehensive loss for the years ended December 31, 2021 and 2020:

	Foreign Currency Translation Adjustments		Cash Flow Hedge		Unrealized Gains on Debt Securities AFS		Total
Balance - December 31, 2019, net of tax	$	(16,872)	$	(13,137)	—		$	(30,009)
Other comprehensive loss before reclassifications	(7,970)		(15,341)		—		(23,311)
Effective portion reclassified to net income	—		5,066		—		5,066
Balance - December 31, 2020, net of tax	(24,842)		(23,412)		—		(48,254)
Other comprehensive (loss) income before reclassifications	(11,129)		4,086		109		(6,934)
Effective portion reclassified to net income	—		7,065		—		7,065
Balance - December 31, 2021, net of tax	$	(35,971)	$	(12,261)	$	109	$	(48,123)