Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES
Our common stock trades on The NASDAQ Global Select Market under the symbol ACIW.
As of February 22, 2021, there were 262 holders of record of our common stock. A substantially greater number of shareholders hold our common stock in “street name”, or as beneficial holders whose shares are held in the name of banks, brokers, or other financial institutions.
Dividends
We have never declared nor paid cash dividends on our common stock. We do not presently anticipate paying cash dividends. However, any future determination relating to our dividend policy will be made at the discretion of our board of directors (the "board") and will depend upon our financial condition, capital requirements, and earnings, as well as other factors the board may deem relevant. The terms of our current Credit Facility may restrict the payment of dividends subject to us meeting certain financial metrics and being in compliance with the events of default provisions of the agreement.
Issuer Purchases of Equity Securities
The following table provides information regarding our repurchases of common stock during the three months ended December 31, 2020:
Period
Total Number of
Shares Purchased
Average Price
Paid per Share
Total Number of Shares
Purchased as Part of
Publicly Announced Program
Approximate Dollar Value of
Shares that May Yet Be
Purchased Under the Program
October 1, 2020 through October 31, 2020 — $ — — $ 112,088,000
November 1, 2020 through November 30, 2020 — — — 112,088,000
December 1, 2020 through December 31, 2020 (1) 10,875 38.43 — 112,088,000
Total
10,875 $ 38.43 —
(1) Pursuant to our 2016 Equity and Performance Incentive Plan (the “2016 Incentive Plan”), we granted RSUs. Under the RSU arrangement, shares are issued without direct cost to the employee. During the three months ended December 31, 2020, 27,639 shares of RSUs vested. We withheld 10,875 of these RSUs to pay the employees’ portion of the applicable minimum payroll withholding taxes.
In 2005, our board approved a stock repurchase program authorizing us, as market and business conditions warrant, to acquire our common stock and periodically authorize additional funds for the program, with the intention of using existing cash and cash equivalents to fund these repurchases. In February 2018, the board approved the repurchase of the Company's common stock for up to $200.0 million, in place of the remaining purchase amounts previously authorized. As of December 31, 2020, the maximum remaining amount authorized for purchase under the stock repurchase program was approximately $112.1 million.
There is no guarantee as to the exact number of shares we will repurchase. Repurchased shares are returned to the status of authorized but unissued shares of common stock. In March 2005, our board approved a plan under Rule 10b5-1 of the Securities Exchange Act of 1934 to facilitate the repurchase of shares of common stock under the existing stock repurchase program. Under our Rule 10b5-1 plan, we have delegated authority over the timing and amount of repurchases to an independent broker who does not have access to inside information about the Company. Rule 10b5-1 allows us, through the independent broker, to purchase shares at times when we ordinarily would not be in the market because of self-imposed trading blackout periods, such as the time immediately preceding the end of the fiscal quarter through a period of three business days following our quarterly earnings release.
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Stock Performance Graph and Cumulative Total Return
The following table shows a line-graph presentation comparing cumulative stockholder return on an indexed basis with a broad equity market index and either a nationally-recognized industry standard or an index of peer companies selected by us. We selected the S&P 500 Index and the NASDAQ Electronic Components Index for comparison.
The graph above assumes a $100 investment was made in our common stock and each index on December 31, 2015, and all dividends were reinvested. Also included are respective investment returns based on the stock and index values as of the end of each year during the five-year period. This information was provided by Zacks Investment Research, Inc. of Chicago, Illinois.
The stock performance graph disclosure above is not considered “filed” with the SEC under the Securities and Exchange Act of 1934, as amended, and is not incorporated by reference in any past or future filing by us under the Securities Exchange Act of 1934, as amended, or the Securities Act of 1933, as amended, unless specifically referenced.
ITEM 6. SELECTED FINANCIAL DATA
The following selected financial data has been derived from our consolidated financial statements (in thousands, except per share data). This data should be read together with Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, and the consolidated financial statements and related notes included elsewhere in this annual report. The financial information below is not necessarily indicative of the results of future operations. Future results could differ materially from historical results due to many factors, including those discussed in Item 1A, Risk Factors .
Years Ended December 31,
2020 2019 (1)(2) 2018 (3) 2017 (4) 2016 (5)
Income Statement Data:
Total revenues
$ 1,294,322 $ 1,258,294 $ 1,009,780 $ 1,024,191 $ 1,005,701
Net income
72,660 67,062 68,921 5,135 129,535
Earnings per share:
Basic
$ 0.62 $ 0.58 $ 0.59 $ 0.04 $ 1.10
Diluted
$ 0.62 $ 0.57 $ 0.59 $ 0.04 $ 1.09
Weighted average common shares outstanding:
Basic
116,397 116,175 116,057 118,059 117,533
Diluted
118,079 118,571 117,632 119,444 118,847
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December 31,
2020 2019 (1)(2) 2018 (3) 2017 2016 (5)
Balance Sheet Data:
Working capital
$ 249,309 $ 308,426 $ 269,857 $ 100,039 $ 31,625
Total assets
3,386,903 3,257,534 2,122,455 1,861,639 1,902,295
Current portion of debt (6) 34,265 34,148 20,767 17,786 90,323
Debt (long-term portion) (6) 1,128,806 1,350,592 658,602 668,356 656,063
Stockholders’ equity
1,206,597 1,129,968 1,048,231 764,597 754,917
(1) The consolidated balance sheet and statement of operations for the year ended December 31, 2019, includes the acquisition of Speedpay, as discussed in Note 3, Acquisition , to our Notes to Consolidated Financial Statements in Part IV, Item 15 of this Form 10-K.
(2) The consolidated balance sheet and statement of operations for the year ended December 31, 2019, reflects the application of Accounting Standards Update (“ASU”) 2016-02, Leases (codified as “ASC 842”), as discussed in Note 12, Leases , to our Notes to Consolidated Financial Statements.
(3) The consolidated balance sheet and statement of operations for the year ended December 31, 2018, reflects the adoption of ASU 2014-09, Revenue from Contracts with Customers (codified as “ASC 606”), as discussed in Note 2, Revenue , to our Notes to Consolidated Financial Statements, including a cumulative adjustment of $244.0 million to retained earnings.
(4) The consolidated statement of operations for the year ended December 31, 2017, reflects the Baldwin Hackett & Meeks, Inc. (“BHMI”) judgment. We recorded $46.7 million in general and administrative expense and $1.4 million in interest expense.
(5) The consolidated balance sheet and statement of operations for the year ended December 31, 2016, reflects the sale of Community Financial Services assets and liabilities.
(6) During the year ended December 31, 2019, we borrowed $500.0 million in the form of a new senior secured term loan and drew $250.0 million on the available Revolving Credit Facility to fund the acquisition of Speedpay. During the year ended December 31, 2018, we issued $400.0 million in senior notes due August 15, 2026. We used the net proceeds of these senior notes to redeem our outstanding $300.0 million senior notes due 2020, which we originally entered in to during the year ended December 31, 2013. See Note 4 , Debt , to our Notes to Consolidated Financial Statements for additional information .