v3.26.1
Note 8 - Capital Stock
 6 Months Ended
Jun. 30, 2026
Notes to Financial Statements  
Equity [Text Block]

NOTE 8. CAPITAL STOCK

 

Common Stock Issuances

 

During the six months ended June 30, 2026 and the year ended  December 31, 2025, the Company completed the following public offerings of shares of its common stock.

 

($ in thousands, except per share amounts)

             
   

Weighted

         
   

Average

         
   

Price

         
   

Received

      

Net

 

Type of Offering

Period

 

Per Share(1)

  

Shares

  

Proceeds(2)

 

2026

             

At the Market Offering Program(3)

First Quarter

 $7.40   14,558,681  $107,767 

At the Market Offering Program(3)

Second Quarter

 $6.94   4,000,000   27,758 

Total

       18,558,681  $135,525 

2025

             

At the Market Offering Program(3)

First Quarter

 $8.17   25,142,046  $205,424 

At the Market Offering Program(3)

Second Quarter

  7.01   19,884,204   139,416 

At the Market Offering Program(3)

Third Quarter

  7.03   21,664,659   152,345 

At the Market Offering Program(3)

Fourth Quarter

  7.24   33,738,722   244,238 

Total

       100,429,631  $741,423 

 

(1)

Weighted average price received per share is after deducting the underwriters’ discount, if applicable, and other offering costs.

(2)

Net proceeds are net of the underwriters’ discount, if applicable, and other offering costs.

(3)

The Company has entered into 14 equity distribution agreements, 13 of which have either been terminated because all shares were sold or were replaced with a subsequent agreement.

 

Stock Repurchase Program

 

On July 29, 2015, the Company’s Board of Directors authorized the repurchase of up to 400,000 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 904,564 shares of the Company's common stock. Coupled with the 156,751 shares remaining from the original 400,000 share authorization, the increased authorization brought the total authorization to 1,061,315 shares, representing 10% of the Company’s then outstanding share count.

 

On December 9, 2021, the Board of Directors approved an increase in the number of shares of the Company’s common stock available in the stock repurchase program for up to an additional 3,372,399 shares, bringing the remaining authorization under the stock repurchase program to 3,539,861 shares, representing approximately 10% of the Company’s then outstanding shares of common stock.

 

On October 12, 2022, the Board of Directors approved an increase in the number of shares of the Company’s common stock available in the stock repurchase program for up to an additional 4,300,000 shares, bringing the remaining authorization under the stock repurchase program to 6,183,601 shares, representing approximately 18% of the Company’s then outstanding shares of common stock.

 

On June 22, 2026, the Board of Directors approved an increase in the number of shares of the Company’s common stock available in the stock repurchase program for up to an additional 25,000,000 shares, bringing the remaining authorization under the stock repurchase program to 26,612,580 shares, representing approximately 13.3% of the Company’s currently outstanding shares of 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. The stock repurchase program may be suspended or discontinued at the Company’s discretion without prior notice and has no termination date.

 

From the inception of the stock repurchase program through June 30, 2026, the Company repurchased a total of 7,364,383 shares at an aggregate cost of approximately $92.1 million, including commissions and fees, for a weighted average price of $12.51 per share. During the six and three months ended June 30, 2026, the Company repurchased a total of 1,106,557 shares at an aggregate cost of approximately $7.3 million, including commissions and fees, for a weighted average price of $6.64 per share. During the year ended  December 31, 2025, the Company repurchased a total of 1,113,224 shares at an aggregate cost of approximately $7.3 million, including commissions and fees, for a weighted average price of $6.52 per share. The remaining authorization under the stock repurchase program as of  July 23, 2026 was 26,612,580 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

 $6.975  $4,662 

2014

  10.800   22,643 

2015

  9.600   38,748 

2016

  8.400   41,388 

2017

  8.400   70,717 

2018

  5.350   55,814 

2019

  4.800   54,421 

2020

  3.950   53,570 

2021

  3.900   97,601 

2022

  2.475   87,906 

2023

  1.800   81,127 

2024

  1.440   96,309 

2025

  1.440   190,930 

2026 - YTD(1)

  0.760   149,256 

Totals

 $70.090  $1,045,092 

 

(1)

On July 8, 2026, the Company declared a dividend of $0.10 per share to be paid on August 28, 2026. The effect of this dividend is included in the table above but is not reflected in the Company’s financial statements as of June 30, 2026.