Stockholders' Equity |
12 Months Ended |
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Dec. 31, 2022 | |
| Equity [Abstract] | |
| Stockholders' Equity |
10. Stockholders’ Equity
Common Stock
As of December 31, 2022 and 2021, there were 39,255,838 and 39,692,373 shares of common stock, $0.0001 par value, issued and outstanding, which include unvested RSAs issued to non-employee directors, respectively. See Note 14 – “Earnings per Share” for additional information.
On February 16, 2022, the Board of Directors declared a semi-annual regular dividend of $0.25 per share and a special dividend of $1.00 per share, and on August 2, 2022, the Board of Directors declared a semi-annual regular dividend of $0.25 per share. As a result, the Company paid $60.4 million in dividends to outstanding shareholders during the twelve months ended December 31, 2022.
As of December 31, 2022, $2.2 million remains to be paid upon vesting of stock awards. This payable of $2.2 million is recorded in other liabilities, current and other liabilities, non-current in the consolidated balance sheets. See Note 7 – “Selected Balance Sheet Data.”
Preferred Stock
The Company has 25,000,000 authorized shares of preferred stock with a par value $0.0001 per share. At December 31, 2022 and 2021, there were no preferred shares issued or outstanding.
Accumulated Other Comprehensive Income (Loss)
Amounts reclassified from accumulated other comprehensive income (loss) are included as a component of other income (expense), net or selling, general and administrative expense, as applicable, in the consolidated statements of operations. The reclassifications were determined on a specific identification basis.
The Company has not provided for U.S. taxes on unremitted earnings of its foreign subsidiary as it is operating at a loss and has no earnings and profits to remit. As a result, deferred taxes were not provided related to the cumulative foreign currency translation adjustments.
Repurchases of Common Stock
On August 2, 2022, the Company's Board of Directors authorized a common stock repurchase program of up to $70 million. During the year ended December 31, 2022, the Company repurchased and retired 864,271 shares of common stock for $29.6 million, at an average cost of $34.27 per share, of which $0.6 million was for shares repurchased but not settled. As of December 31, 2022, $40.4 million remained available under the stock repurchase program.
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- References No definition available.
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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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