−Removed: MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
−Removed: Common Stock and Cash Dividends
+Added: MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Our common stock is traded on the Nasdaq National Market under the ticker symbol "ASTE".
1 unchanged sentence
Dividend Policy
−Removed: We paid quarterly dividends of $0.11 per common share to shareholders in the first, second and third quarters of 2021 and the first, second, third and fourth quarters 2020.
−Removed: Our Board of Directors ("Board") increased the dividend payment $0.01 to a total of $0.12 per common share to shareholders for the fourth quarter of 2021.
We paid cash of $11.2 million and $10.2 million for dividends in 2022 and 2021, respectively.
+Added: The following table details dividends paid per share during 2022 and 2021:
+Added: (in dollars) 2022 2021
+Added: First Quarter $ 0.12 $ 0.11
+Added: Second Quarter 0.12 0.11
+Added: Third Quarter 0.12 0.11
+Added: Fourth Quarter 0.13 0.12
+Added: Total $ 0.49 $ 0.45
Dividends are paid when, as and if declared at the discretion of our Board from funds legally available for that purpose.
−Removed: While our Board currently expects to continue regular quarterly cash dividends, the declaration and amount of future cash dividends are subject to the Board's sole discretion and their periodic review of our dividend policy and will depend upon our earnings, financial condition, liquidity needs, business plans and opportunities and other factors in making and setting dividend policy.
+Added: While our Board currently expects to continue regular quarterly cash dividends, any future determination relating to our dividend policy will be made at the Board's discretion and will depend on a number of factors including our earnings, financial condition, liquidity needs, capital requirements, regulatory and contractual restrictions, business plans and opportunities and other factors deemed relevant by our Board.
+Added: In addition, our payment of dividends may be limited by restrictive covenants in our revolving credit facility agreement.
Issuer Purchases of Equity Securities
−Removed: As announced to the public in a Form 8-K filing on July 30, 2018, we approved a share repurchase program, which authorizes us to repurchase up to $150.0 million of our common stock.
−Removed: As of December 31, 2021, the maximum dollar value of shares available for repurchase under the plan is approximately $126.0 million.
−Removed: No shares were repurchased under the plan during 2021.
+Added: The following table provides information with respect to our purchases of our common stock during the three months ended December 31, 2022:
+Added: (in millions, except share and per share data) Total Number of Shares Purchased Average Price Paid per Share (a)
+Added: Total Number of Shares Purchased as Part of Publicly Announced Programs (b)
+Added: Approximate Dollar Value of Shares That May Yet be Purchased Under the Plans or Programs (a)
+Added: November 1, 2022 - November 30, 2022 90,642 $ 44.15 90,642 115.7
+Added: Total 90,642 90,642
+Added: (a) The average price paid per share includes applicable broker's fees and commissions.
+Added: (b) On July 30, 2018, we announced a share repurchase program authorizing the repurchase of up to $150 million of our common stock.
+Added: Under the authorization, repurchases may be made from time to time in open market transactions, including pursuant to trading plans adopted in accordance with Rule 10b5-1 of the Exchange Act, or in privately negotiated transactions.
+Added: No time limit was set for completion of repurchases under the share repurchase program and the share repurchase program may be suspended or discontinued at any time.
Performance Graph
−Removed: The stock performance graph below compares the cumulative five-year total return provided to shareholders of Astec Industries, Inc.'s common stock relative to the cumulative total returns of the Russell 2000 index, our updated peer group ("2021 Peer Group") and our previous per group ("2020 Peer Group").
−Removed: The companies included in the 2021 Peer Group and the 2020 Peer Group are representative of our definitive Proxy peer group, which we believe reflects industrial manufacturing companies of comparable size and complexity for the corresponding period and are reviewed annually and revised as necessary.
−Removed: The ticker symbol of the companies included in our each of our peer groups are as follows:
−Removed: 2021 Peer Group:
+Added: The stock performance graph below is intended to show our stock performance compared with that of comparable companies.
+Added: The stock performance graph compares the cumulative five-year total return provided to shareholders of Astec Industries, Inc.'s common stock relative to the cumulative total returns of the Russell 2000 index, our broad equity market comparative index, the S&P 600 Industrials index and our defined peer group.
+Added: Historically, our second stock performance comparative has been our defined peer group representative of our definitive Proxy peer group ("Peer Group"), which we believe reflects industrial manufacturing companies of comparable size and complexity.
+Added: The ticker symbol of the companies included in our Peer Group are:
ALG, AIMC, B, GTLS, CIR, CMCO, CVGI, EPAC, NPO, FSS, GBX, HY, JBT, LNN, MTW, MWA, SHYF, SPXC, SXI and WNC.
−Removed: 2020 Peer Group:
−Removed: ALG, AIMC, CIR, CMCO, CVGI, EPAC, NPO, FSS, GBX, LNN, MTW, NDSN, SHYF, SPXC, SXI, TTC and WNC
−Removed: The graph assumes that the value of an investment in our common stock, in the Russell 2000 index, in the 2021 Peer Group and in the 2020 Peer Group was $100 on December 31, 2016 and assumes reinvestment of all dividends as well as the relative performance of each through December 31, 2021.
+Added: For 2022, we are revising our second comparative to the S&P 600 Industrials index as we believe that this published index is a closer approximation to our industry as a whole as opposed to a smaller selection of peer companies.
+Added: Table of Conten t s
+Added: The graph assumes that the value of an investment in our common stock, in the Russell 2000 index, in the S&P 600 Industrials index and in the Peer Group was $100 on December 31, 2017 and assumes reinvestment of all dividends as well as the relative performance of each through December 31, 2022.
(in dollars) 2017 2018 2019 2020 2021 2022
2 unchanged sentences
Russell 2000 100.00 88.97 111.65 133.90 153.69 122.25
−Removed: 2021 Peer Group 100.00 126.84 94.70 124.42 140.77 166.01
+Added: S&P 600 Industrials 100.00 87.85 113.89 127.52 160.55 145.46
Peer Group 100.00 74.66 98.10 110.99 130.89 114.07
−Removed: SELECTED FINANCIAL DATA
−Removed: Not applicable.
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.