Quarterly report pursuant to Section 13 or 15(d)

STOCKHOLDERS??? EQUITY

v3.21.2
STOCKHOLDERS’ EQUITY
 6 Months Ended
Jun. 30, 2021
Equity [Abstract]  
STOCKHOLDERS’ EQUITY

 

NOTE 12. STOCKHOLDERS’ EQUITY

 

During the six months ended June 30, 2021, the Company paid $79.7 million, or $0.16 per share, in cash dividends compared to $65.5 million, or $0.13 per share, during the same period in 2020.

 

During the second quarter ended June 30, 2021 and during the same period in 2020, the Company did not repurchase shares on the open market.

 

The Company repurchases shares from employees for the payment of their taxes on restricted shares that have vested. The Company repurchased $0.1 million for the quarters ended June 30, 2021 and 2020, and $10.3 million and $8.1 million during the six-month period ended June 30, 2021 and 2020 respectively.

 

As more fully discussed in Note 17 of the Company’s notes to the consolidated financial statements in its 2020 Annual Report on Form 10-K, time-lapse restricted awards and restricted stock units (“restricted shares”) have been issued to officers and other management employees under the Company’s Employee Stock Incentive Plans.  The Company issues new shares from its authorized but unissued share pool. As of June 30, 2021, approximately 6.6 million shares of the Company’s common stock were reserved for issuance.

Time Lapse Restricted Shares

 

The following table summarizes the components of the Company’s stock-based compensation programs recorded as expense:

 

    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
(in thousands)   2021     2020     2021     2020  
Time lapse restricted stock:                                
Pre-tax compensation expense   $ 3,920     $ 3,821     $ 7,841     $ 7,640  
Tax benefit     (1,039 )     (1,100 )     (1,925 )     (1,937 )
Restricted stock expense, net of tax   $ 2,881     $ 2,721     $ 5,916     $ 5,703  

 

The following table summarizes information on unvested restricted stock outstanding as of June 30, 2021:

 

(number of shares in thousands)   Number of
Shares		     Average Grant-
Date Fair Value		  
Unvested Restricted Stock at December 31, 2020     2,870     $ 20.36  
Forfeited     (34 )     22.62  
Vested     (826 )     16.22  
Granted     778       37.04  
Unvested Restricted Stock at June 30, 2021     2,788     $ 26.14  

 

As of June 30, 2021 and December 31, 2020, the Company had $60.9 million and $40.5 million of total unrecognized compensation cost, respectively, related to time-lapse restricted shares that are expected to be recognized over a weighted average period of approximately 4.3 years and 3.8 years, respectively.