Common Stock and Series B Convertible Preferred Stock

3 Months Ended

Mar. 28, 2021

Common Stock and Series B Convertible Preferred Stock

Common Stock and Series B Convertible Preferred Stock

6. Common Stock and Series B Convertible Preferred Stock

Shares Authorized and Outstanding

The Company has authorized 5.0 million shares of preferred stock, 100.0 million shares of common stock, and 260,000 shares of Series B Convertible Preferred Stock (the “Series B Preferred Stock”). The Company’s outstanding shares of common stock were 32.7 million shares at March 28, 2021 and 32.5 million shares at December 27, 2020.  

There were 252,530 shares of Series B Preferred Stock outstanding at both March 28, 2021 and December 27, 2020. The Series B Preferred Stock is classified as temporary equity on the Condensed Consolidated Balance Sheets as of March 28, 2021 and December 27, 2020.

Dividends

The Company recorded dividends of approximately $10.8 million in the first quarter of 2021 consisting of the following:

● $7.4 million paid to common stockholders ($0.225 per share);

● $1.1 million in common stock “pass-through” dividends paid to Series B Preferred Stockholders on an as-converted basis ($0.225 per share); and

● $2.3 million in preferred dividends on the Series B Preferred Stock (3.6% of the investment per annum).

On April 27, 2021, our Board of Directors declared a second quarter dividend of $0.225 per common share (of which approximately $7.5 million will be paid to common stockholders and $1.1 million will be paid as “pass through” dividends to holders of Series B Preferred Stock on an “as converted basis”).  The common share dividend will be paid on May 21, 2021 to stockholders of record as of the close of business on May 11, 2021.  The second quarter preferred dividend was also declared on April 27, 2021 and $2.3 million will be paid to holders of Series B Preferred Stock on July 1, 2021.