Note 15 - Stockholders' Equity

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Equity [Text Block]

15. Stockholders’ Equity

Preferred Stock

The Company’s Board of Director’s authorized the repurchase of up to 894,000 depositary shares of Class L preferred stock and 1,048,000 depositary shares of Class M preferred stock, representing up to 1,942 shares of the Company’s preferred stock, par value $1.00 per share, through December 31, 2023. During the three months ended March 31, 2023, the Company repurchased the following preferred stock:

Class of Preferred Stock	Depositary Shares Repurchased		Purchase Price (in thousands)
Class L		5,540	$	111.0
Class M		7,741	$	157.0

The Company’s outstanding Preferred Stock is detailed below (in thousands, except share data and par values):

As of March 31, 2023
Class of Preferred Stock	Shares Authorized		Shares Issued and Outstanding		Liquidation Preference		Dividend Rate			Annual Dividend per Depositary Share		Par Value		Optional Redemption Date
Class L		10,350		8,940	$	223,499		5.125	%	$	1.28125	$	1.00	8/16/2022
Class M		10,580		10,481		262,037		5.250	%	$	1.31250	$	1.00	12/20/2022
				19,421	$	485,536

As of December 31, 2022
Class of Preferred Stock	Shares Authorized		Shares Issued and Outstanding		Liquidation Preference		Dividend Rate			Annual Dividend per Depositary Share		Par Value		Optional Redemption Date
Class L		10,350		8,946	$	223,637		5.125	%	$	1.28125	$	1.00	8/16/2022
Class M		10,580		10,489		262,231		5.250	%	$	1.31250	$	1.00	12/20/2022
				19,435	$	485,868

Common Stock

The Company has a share repurchase program, which is scheduled to expire February 29, 2024. Under this program, the Company may repurchase shares of its common stock, par value $0.01 per share, with an aggregate gross purchase price of up to $300.0 million. The Company did not repurchase any shares under the share repurchase program during the three months ended March 31, 2023. As of March 31, 2023, the Company had $224.9 million available under this common share repurchase program.

Dividends Declared

The following table provides a summary of the dividends declared per share:

	Three Months Ended March 31,
	2023		2022
Common Shares	$	0.23000	$	0.19000
Class L Depositary Shares	$	0.32031	$	0.32031
Class M Depositary Shares	$	0.32813	$	0.32813