Item 5. Market for Registrant’s Common Equity
Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
The Company had 393 common shareholders of record at March 8, 2021. The Company's common stock trades on the NASDAQ Global Market under the trading symbol SYNL. The Company's credit agreement restricts the payment of dividends indirectly through a minimum fixed charge coverage covenant. No dividends were declared or paid in 2020 or 2019. The prices shown below are the high and low sales prices for the common stock for each full quarterly period in the last two fiscal years as quoted on the NASDAQ Global Market.
2020 2019
Quarter High Low High Low
1st $ 14.25 $ 8.33 $ 16.80 $ 12.45
2nd 10.60 6.51 19.65 14.00
3rd 8.48 5.52 17.17 15.28
4th 8.14 3.81 16.02 11.45
The information required by Item 201(d) of Regulation S-K is set forth in Part III, Item 12 of this Annual Report on Form 10-K.
*$100 invested on 12/31/15 in stock or index, including reinvestment of dividends.
Fiscal year ending December 31.
Source: Russell Investment Group
18
Comparison of 5 Year Cumulative Total Return Graph
12/15 12/16 12/17 12/18 12/19 12/20
Synalloy Corporation $ 100.00 $ 159.16 $ 196.49 $ 247.02 $ 192.23 $ 116.14
Russell 2000 100.00 121.31 139.08 123.76 155.35 186.36
NASDAQ Non-Financial 100.00 107.53 141.01 137.21 187.89 276.01
This graph and related information shall not be deemed to be “filed” with the Securities and Exchange Commission or “soliciting material” or subject to Regulation 14A, or the liabilities of Section 18 of the 1934 Act, except to the extent the Company specifically requests that such information be treated as soliciting material or specifically incorporates it by reference into a filing under the Securities Act of 1933 or the 1934 Act.
Unregistered Sales of Equity Securities
Pursuant to the compensation arrangement with directors discussed under Item 12 "Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters" in this Form 10-K, in 2020, the Company issued an aggregate of 43,063 shares of restricted stock to non-employee directors in lieu of $345,000 of their annual cash retainer fees. Issuance of these shares was not registered under the Securities Act of 1933 based on the exemption provided by Section 4(a)(2) thereof because no public offering was involved.
The Company also issued 151,019 shares of common stock in 2020 to management and key employees that vested pursuant to the 2005 and 2015 Stock Awards Plans. Issuance of these shares was not registered under the Securities Act of 1933 based on the exemption provided by Section 4(a)(2) thereof because no public offering was involved.
Issuer Purchases of Equity Securities
The following table sets forth information with respect to purchases of the Company's common stock in fiscal 2020:
Total Number of Shares Purchased Average Price per Share Total Number of Shares Purchased as Part of Publicly Announced Program (1)
Number of Shares that may Yet Be Purchased under the Program (1)
January 1, 2020 - January 31, 2020 — $ — — 850,000
February 1, 2020 - February 29, 2020 — $ — — 850,000
March 1, 2020 - March 31, 2020 59,617 $ 10.65 59,617 790,383
Total 59,617 $ 10.65 59,617 790,383
(1) Pursuant to the 850,000 share stock repurchase program authorized by the Board of Directors in February 2019. The stock repurchase program expires in 24 months from authorization, and there is no guarantee to the exact number of shares that will be repurchased by the Company over that period. For additional information, see Note 16 in the notes to the consolidated financial statements included in Item 8 of this Form.
19
Item 6. Selected Financial Data
We are a smaller reporting company as defined in Rule 12b-2 of the Exchange Act; therefore, pursuant to Item 301(c) of Regulation S-K, we are not required to provide the information required by this Item.