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
Principal Market
Our common stock is listed on the NASDAQ Global Select Market under the symbol "AEIS." On January 31, 2021, the number of common stockholders of record was approximately 300.
Dividend Policy
We have not declared or paid any cash dividends on our capital stock in our history as a public company. However, on December 15, 2020, our Board of Directors ("the Board") approved the initiation of a cash dividend program under which we intend to pay a regular quarterly dividend of $0.10 per share, starting in the first quarter of 2021. On February 1, 2021, the Board declared a quarterly dividend of $0.10 per share payable to shareholders of record as of February 22, 2021. Future dividend payments are subject to approval by the Board.
Purchases of Equity Securities by the Issuer
In September 2015, the Board authorized a program to repurchase up to $150.0 million of our stock over a thirty-month period. In November 2017, the Board approved an extension of the share repurchase program to December 2019 from its original maturity of March 2018. I n May 2018, the Board approved a $50 million increase in the repurchase authorization.
On December 18, 2019, the Board authorized to remove the expiration date from the repurchase program and increased the balance available for stock repurchase by $25.1 million. As of December 31, 2020, the Company was authorized to repurchase shares of the Company’s common stock of up to a total of $38.4 million.
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The following table summarizes the stock repurchase activity for the three months ended December 31, 2020 (in thousands, except per share amount):
Total
Number of
Shares
Purchased
Average
Price Paid
per Share
Total
Number of
Shares
Purchased as
Part of Publicly Announced
Plans or
Programs
Maximum
Dollar
Value of
Shares that
May Yet be
Purchased
Under the
Plans or
Programs
(in thousands, except per share amount)
October 1, 2020 - October 31, 2020
1
$
61.91
1
$
38,369
November 1, 2020 - November 30, 2020
—
—
—
—
December 1, 2020 - December 31, 2020
—
—
—
—
Total
1
$
61.91
1
$
38,369
In order to execute the repurchase of shares of our common stock, the Company periodically enters into stock repurchase agreements. All shares repurchased were executed in the open market, and no shares were repurchased from related parties. Repurchased shares are retired and assumed the status of authorized and unissued shares. Accordingly, the associated cost of the repurchased shares was recognized as a reduction to additional paid-in capital.
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Performance Graph
The performance graph below shows the five-year cumulative total stockholder return on our common stock in comparison with various other indices during the period from December 31, 2015 through December 31, 2020. The comparison assumes $100 was invested on December 31, 2015 in Advanced Energy common stock and in each of the indices and assumes reinvestment of dividends, if any. Dollar amounts in the graph are rounded to the nearest whole dollar. The performance shown in the graph represents past performance and should not be considered an indication of future performance.
*
$100 invested on December 31, 2015 in our stock or index, including reinvestment of dividends. Indices and our stock performance are calculated on a calendar year-end basis.
December 31,
2015
2016
2017
2018
2019
2020
Advanced Energy Industries, Inc.
$
100.00
$
193.94
$
239.04
$
152.07
$
252.21
$
343.50
NASDAQ Composite
100.00
108.87
141.13
137.12
187.44
271.64
RDG Semiconductor Composite
100.00
131.64
177.48
164.63
242.61
351.91
S&P 1000
100.00
122.49
141.26
126.71
158.57
179.15
Information relating to compensation plans under which our equity securities are authorized for issuance is set forth in Part III, Item 12 "Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters" of this Annual Report on Form 10-K.
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ITEM 6. SELECTED FINANCIAL DATA
Not applicable.