4 unchanged sentences
Common Stock Dividends
−Removed: We have not historically paid dividends on our common stock, and our credit agreement contains limitations on the payments of future dividends.
+Added: We have not historically paid dividends on our common stock, and our credit agreement contains limitations on the payment of future dividends.
The payment of any dividends on our common stock in the future will be at the discretion of our Board of Directors and will depend upon our financial condition, results of operations, earnings, capital requirements, contractual restrictions, outstanding indebtedness, and other factors deemed relevant by our Board.
Performance Graph
−Removed: The graph below matches the cumulative five-year total return of holders of American Public Education, Inc.’s common stock with the cumulative total returns of the S&P 500 index, the Nasdaq Composite index, a customized peer group of six companies that includes Adtalem Global Education Inc., Grand Canyon Education Inc., Perdoceo Education Corp
−Removed: (formerly known as Career Education Corporation), Strategic Education Inc., Lincoln Educational Services Corporation, or Lincoln, and Universal Technical Institute, Inc., or UTI, and of our former peer group, which included Zovio, Inc.
−Removed: (formerly known as Bridgepoint Education, Inc.), or Zovio, but did not include Lincoln or UTI.
−Removed: The peer group no longer includes Zovio because we no longer consider it to be a peer following changes to its business.
−Removed: We added Lincoln and UTI to our peer group to replace Zovio in order to continue to show comparative performance with a similarly sized group of for-profit postsecondary education companies.
+Added: The graph below compares the cumulative five-year total return of holders of American Public Education, Inc.’s common stock with the cumulative total returns of the S&P 500 index, the Nasdaq Composite index, a customized peer group of six companies that includes Adtalem Global Education Inc., Grand Canyon Education Inc., Perdoceo Education Corp (formerly known as Career Education Corporation), Strategic Education Inc., Lincoln Educational Services Corporation, and Universal Technical Institute, Inc.
The graph assumes that the value of the investment in our common stock, in each index, and in the peer group (including reinvestment of dividends) was $100 on December 31, 2018, and tracks the value of those investments, respectively, through December 31, 2023.
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Peer Group 100.00 108.02 90.46 77.12 94.73 128.25
−Removed: 2022 Peer Group 100.00 110.69 119.57 100.13 85.37 104.85
The stock price performance included in the graph and table above is not necessarily indicative of future stock price performance.
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On May 2, 2019, our Board of Directors authorized the repurchase of up to $35.0 million of shares of our common stock, and on December 5, 2019, our Board approved an additional authorization to repurchase up to $25.0 million of shares of our common stock.
+Added: On March 16, 2023, our Board of Directors confirmed the availability under the 2019 share repurchase program to repurchase up to approximately $8.0 million of shares of our common stock.
+Added: We fully expended this $8.0 million as of April 30, 2023, and repurchased a total of 1,335,357 shares of our common stock.
+Added: On November 27, 2023, the Board of Directors authorized a new program to repurchase up to an additional $10.0 million of shares of our common stock.
+Added: In the fourth quarter, we repurchased 180,409 shares of our common stock under this authorization for an aggregate purchase amount of $1.6 million.
+Added: In the aggregate, in 2023 we repurchased 1,515,766 shares of our common stock for $9.7 million.
+Added: In January 2024, we repurchased 251,146 shares of our common stock for an aggregate purchase amount of $2.8 million.
Subject to market conditions, applicable legal requirements, and other factors, repurchases may be made from time to time in the open market or in privately negotiated transactions.
2 unchanged sentences
Our credit agreement includes restrictions on our ability to repurchase our common stock, and the terms of our Series A Senior Preferred Stock require the consent of the holders of at least 60% of the then outstanding shares of our Series A Senior Preferred Stock in order for us to repurchase more than $30.0 million of our common stock in the aggregate.
+Added: Effective February 1, 2024, we ceased purchases under this purchase authorization.
The following table presents our share repurchases during the three months ended December 31, 2023.
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(2) On May 2, 2019, our Board of Directors authorized the repurchase of up to $35.0 million of shares of our common stock, and on December 5, 2019, our Board approved an additional authorization of up to $25.0 million of shares.
+Added: Further, on November 27, 2023, our Board approved an additional authorization of up to $10.0 million of shares.
We may purchase shares at management’s discretion in the open market, in privately negotiated transactions, in transactions structured through investment banking institutions, or a combination of the foregoing.
5 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.