Equity

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Equity

Equity

Common Stock

The Company has two classes of common stock: Class A Common Stock and Class B Common Stock. Both classes have a par value of $0.01 per share. Each share of Class A Common Stock is entitled to one vote per share. Each share of Class B Common Stock is entitled to one-tenth of one vote per share. Except for voting rights, the Company’s Class A Common Stock and Class B Common Stock have the same dividend rights, are equal in all respects, and are otherwise treated as if they were one class of shares. At March 31, 2022 and December 31, 2021, the Company was authorized to issue up to 900 million shares of Class A Common Stock and 100 million shares of Class B Common Stock.

Share Repurchases

On February 28, 2022, our Board of Directors authorized an increase of $300 million in our existing share repurchase authorization of JFI's Class A Common Stock. As of May 4, 2022, the Company had remaining authority to purchase $230 million of its common shares. The Company expects to repurchase shares from time to time in the open market or in privately negotiated transactions. The timing, form and amount of the share repurchases under the program are at the discretion of management and will depend on a variety of factors, including funds available at the parent company, other potential uses for such funds, market conditions, the Company's capital position, legal requirements and other factors. The repurchase program may be modified, extended or terminated by the Board at any time. It does not have an expiration date.

The following table represents share repurchase activities:

Period	Number of Shares Repurchased	Total Payments  (in millions)		Average Price Paid Per Share
2021(October 1 - December 31)	5,778,649	$	211	$	36.51
Total 2021	5,778,649	211		36.51
2022 (January 1- March 31)	3,433,610	140		40.84
2022 (April 1- May 4)	433,299	19		43.37
Total 2022	3,866,909	$	159	$	41.12

The following table represents changes in the balance of common shares outstanding:

	Common Stock	Treasury Stock	Total Common Stock Outstanding
Shares outstanding at December 31, 2021	94,464,343	(5,778,649)	88,685,694
Share-based compensation programs (1)	2,706	8,818	11,524
Shares repurchased under repurchase program	—	(3,433,610)	(3,433,610)
Shares outstanding at March 31, 2022	94,467,049	(9,203,441)	85,263,608

(1) Represents net shares issued from treasury pursuant to the Company’s share-based compensation programs.

On December 13, 2021, we repurchased 2,242,516 shares of our Class A Common Stock from Prudential and 1,134,767 shares of our Class A Common Stock from Athene. The price per share in the repurchase was $37.01. On December 13, 2021, Athene converted a total of 725,623 shares of its Class B common stock to Class A Common Stock on a one-for-one basis. On February 1, 2022, Athene converted the remaining 638,861 shares of its Class B Common Stock to Class A Common Stock on a one-for-one basis.

On March 12, 2022, we repurchased 750,000 shares of our Class A Common Stock from Athene. The price per share in the repurchase was $37.89.

Dividends to Shareholders

Any declaration of cash dividends will be at the discretion of JFI’s Board of Directors and will depend on our financial condition, earnings, liquidity and capital requirements, regulatory constraints, level of indebtedness, contractual restrictions with respect to paying cash dividends, restrictions imposed by Delaware law, general business conditions and any other factors that JFI’s Board of Directors deems relevant in making any such determination. Therefore, there can be no assurance that we will pay any cash dividends to holders of our common stock or approve any stock repurchase program, or as to the amount of any such cash dividends or stock repurchases.

The following table presents declaration date, record date, payment date and dividends paid on per JFI’s Class A and Class B common shares:

Three Months Ended	Declaration Date	Record Date	Payment Date	Dividends Paid Per Share
03/31/2022	February 28, 2022	March 14, 2022	March 23, 2022	$0.55
03/31/2021	N/A	N/A	N/A	N/A