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
Market for Registrant’s Common Equity
Our common stock has been quoted on the New York Stock Exchange (“NYSE”) under the symbol “ATEN.”
In October 2021, our Board of Directors approved the initiation of a regular quarterly cash dividend on our common stock. The first dividend, in the amount of $0.05 per share of common stock outstanding, was paid in December 2021, and the second dividend, in the amount of $0.05 per share of common stock outstanding, was paid on March 1, 2022 as a return of capital. We currently anticipate that we will continue to pay comparable quarterly cash dividends in the future. However, the payment, amount and timing of future dividends remain within the discretion of our Board and will depend upon our results of operations, financial condition, cash requirements, and other factors.
There were approximately 80 stockholders of record on February 28, 2022. Because many shares of our common stock are held by brokers and other institutions on behalf of stockholders, we are unable to estimate the total number of stockholders represented by these holders of record.
Company Stock Performance
The following graph compares the cumulative total return on our common stock, the NASDAQ Composite Index and the Russell 1000 Index. The graph assumes $100 was invested on December 31, 2016 in our common stock and each index and all dividends were reinvested. The historic stock price performance is not necessarily indicative of future stock price performance.
Issuer Purchases of Equity Securities
On September 17, 2020, the Company’s Board of Directors authorized a stock repurchase program of up to $50 million of its common stock over a period of twelve months. This repurchase program was active for twelve months and expired in the second half of 2021. On October 28, 2021, the Company issued a press release announcing that its Board of Directors had authorized a stock repurchase program of up to $100 million of its common stock over a period of twelve months. To date, all repurchases under this program have occurred in the open market.
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Share repurchase activity during the three months ended December 31, 2021 was as follows (in thousands, except per share amounts):
Periods Total Number of Shares Purchased Average Price Paid Per Share (1)
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (2)
October 1 - 31, 2021 — $ — —
November 1 - 30, 2021 96 $ 15.60 96
December 1 - 31, 2021 373 $ 14.89 373
Total 469 $ 92,946
(1) Average price paid per share includes broker commission fees.
(2) The $92.9 million in the table above represents the amount available to repurchase shares under the authorized repurchase program as of December 31, 2021. The Company’s stock repurchase program does not obligate it to acquire any specific number of shares. Under this program, shares may be repurchased in privately negotiated and/or open market transactions, including under plans complying with Rule 10b5-1 under the Exchange Act.
Unregistered Sales of Equity Securities
None.
Item 6. [Reserved]
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