AMERICAN REALTY INVESTORS INC 10-K

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES ARL’s common stock is listed and traded on the NYSE under the symbol “ARL”. The following table sets forth the high and low sales prices as reported in the consolidated reporting system of the NYSE American for the quarters ended: 2020 2019 High Low High Low First Quarter $ 13.51 $ 11.22 $ 21.57 $ 11.70 Second Quarter $ 14.36 $ 11.19 $ 20.63 $ 12.26 Third Quarter $ 17.89 $ 10.53 $ 19.00 $ 14.50 Fourth Quarter $ 17.39 $ 12.25 $ 17.48 $ 12.04 On March 22, 2021, the closing market price of our common stock on the NYSE $9.26 per share, and was held by approximately 1,510 stockholders of record. Our Board of Directors established a policy that dividend declarations on common stock would be determined on an annual basis following the end of each year. In accordance with that policy, the board determined not to pay any dividends on common stock in December 31, 2020, 2019 or 2018. Future distributions to common stockholders will be determined by the Board of Directors in light of conditions then existing, including our financial condition and requirements, future prospects, restrictions in financing agreements, business conditions and other factors deemed relevant by the Board. We are authorized to issue up 15,000,000 shares of Series A 10.0% Cumulative Convertible Preferred Stock ("Series A Preferred Stock") with a par value of $2.00 per share and a liquidation preference of $10.00 per share plus accrued and unpaid dividends. Dividends are payable at the annual rate of $1.00 per share, or $.25 per share quarterly. The Series A Preferred Stock may be converted into common stock at 90.0% of the average daily closing price of our common stock for the prior 20 trading days. The following reflects changes in our common stock and Series A Preferred stock during the year ended December 31, 2020: Common Stock Issued Treasury Outstanding Balance at January 1, 2020 16,412,861 (415,785) 15,997,076 Shares sold by consolidated subsidiary(1) — 140,000 140,000 Cancellation of treasury shares(2) (203,633) 203,633 — Adjustment(3) — 14,967 14,967 Balance at December 31, 2020 16,209,228 (57,185) 16,152,043 (1) On December 22, 2020 , shares that were previously held by our consolidated subsidiary, TCI, and therefore included in treasury shares, were sold to RAI, and therefore, removed from treasury shares. (2) On December 28, 2020, we retired a portion of the share we held in treasury. (3) During the year ended December 31, 2020, we adjusted and updated our treasury shares as a result of a physical count. We have a share repurchase program that allows for the repurchase of up to 1,250,000 shares of our common stock. This repurchase program has no termination date. There were no shares repurchased for the year ended December 31, 2020 and the program has 19,465 share remaining that can be repurchased as of December 31, 2020 ITEM 6. SELECTED FINANCIAL DATA Optional and not included.. 18