Stockholders' Equity |
9 Months Ended |
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Sep. 30, 2024 | |
| Equity [Abstract] | |
| Stockholders' Equity | Stockholders’ Equity Common Stock
As of September 30, 2024 and December 31, 2023, there were 38,823,704 and 38,412,484 shares of common stock, $0.0001 par value, issued and outstanding, which included unvested restricted stock awards (“RSAs”) issued to non-employee directors, respectively. See Note 11 – “Loss per Share” for additional information.
On February 8, 2024, the Board of Directors declared a semi-annual regular dividend of $0.25 per share, with a payment date of April 5, 2024, to stockholders of record at the close of business on March 12, 2024. On August 1, 2024, the Board of Directors declared a semi-annual regular dividend of $0.25 per share, with a payment date of October 4, 2024, to stockholders of record at the close of business on September 16, 2024. The compensation committee of the Company’s Board of Directors (“Compensation Committee”) granted dividend equivalents to all unvested grants as of the record date.
As of September 30, 2024, the dividend payable was $12.2 million, of which $9.7 million was paid on October 4, 2024 and $2.5 million of dividend equivalents related to unvested stock awards remain to be paid upon vesting of stock awards. The $12.2 million dividend payable is recorded in other liabilities in the condensed consolidated balance sheets, of which $1.6 million is classified as non-current. See Note 5 – “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 September 30, 2024 and December 31, 2023, there were no preferred shares issued or outstanding.
Accumulated Other Comprehensive Loss
Amounts reclassified from accumulated other comprehensive loss are included as a component of other income, net or selling, general and administrative expense, as applicable, in the condensed 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 (the “Repurchase Program”) of up to $70 million. On May 2, 2023, the Company's Board of Directors approved an additional $70 million to repurchase common stock under the Repurchase Program. During the three months ended September 30, 2024, the Company did not purchase any shares of common stock under the Repurchase Program. During the nine months ended September 30, 2024, the Company repurchased and retired 16,900 shares of common stock for $0.6 million, at an average cost of $32.77 per share. As of September 30, 2024, $71.0 million remained authorized for repurchases under the Repurchase Program.
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