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
Common Stock Market Prices
Shares of our common stock have traded on the NYSE under the symbol ATKR since June 10, 2016.
** Assumes $100 invested on October 2, 2017 in stock or index, including reinvestment of dividends.
The following group of 10 public companies represents the Company's peer group:
• Acuity Brands • Encore Wire Corporation
• AZZ Inc. • Hubbell Incorporated Class B
• Belden Inc. • Littelfuse, Inc.
• Cornerstone Building Brands, Inc. • nVent Electric plc
• Eaton Corp. Plc • Valmont Industries, Inc.
The Company has updated its peer group by adding Belden Inc., Encore Wire Corporation and Valmont Industries, Inc. and removing Schneider Electric SE, ABB Ltd. Sponsored ADR, and Legrand SA. The Company made these changes to its peer group to reflect companies in the Company’s industry more comparable in size to Atkore, based on market capitalization.
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Holders
As of November 11, 2022, there was one stockholder of record of our common stock. This number excludes stockholders whose stock is held in nominee or street name by brokers.
Dividend Policy
We have not and do not currently intend to declare or pay dividends on our common stock for the foreseeable future. We currently intend to use our future earnings, if any, to fund our growth, to develop our business, for working capital needs, for general corporate purposes, to repurchase shares and to repay debt. Our ability to pay dividends to holders of our common stock is significantly limited as a practical matter by the Credit Facilities insofar as we may seek to pay dividends out of funds made available to us by AII or its subsidiaries, because AII's debt instruments directly or indirectly restrict AII's ability to pay dividends or make loans to us. Any future determination to pay dividends on our common stock will be subject to the discretion of our board of directors and depends upon various factors, including our results of operations, financial condition, liquidity requirements, capital requirements, level of indebtedness, contractual restrictions with respect to payment of dividends, restrictions imposed by Delaware law, general business conditions and other factors that our board of directors may deem relevant.
Issuer Purchases of Equity Securities
The following table shows our share repurchase programs, on a trade date basis, for each of our fiscal months for the quarter ended September 30, 2022 (in thousands, except per share data):
Period Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Program(1) Maximum Value of Shares that May Yet Be Purchased Under the Program(1)
June 25, 2022 to July 22, 2022 1,210 $ 85.27 1,210 $ 300,017
July 23, 2022 to August 26, 2022 — $ — — $ 300,017
August 27, 2022 - September 30, 2022 — $ — — $ 300,017
Total 1,210 1,210
(1) On November 16, 2021, the board of directors approved a share repurchase program, under which the Company may repurchase up to $400.0 million of its outstanding common stock. On April 6, 2022, the board of directors approved an amendment to the aforementioned plan, extending it to a total repurchase of the Company’s outstanding common stock of up to $800.0 million. On November 11, 2022, the board of directors approved an amendment to the aforementioned plan, extending it to a total repurchase authorization of the Company’s outstanding stock of $1,300 million. These share repurchase programs were funded from the Company's available cash balances. Under the share repurchase programs, the Company was not obligated to acquire any particular amount of common stock, and it may have been terminated at any time at the Company's discretion.
Securities Authorized for Issuance Under Equity Compensation Plans
The following table contains information, as of September 30, 2022, about the amount of common shares to be issued upon the exercise of outstanding options, performance share options (“PSUs”) and restricted stock units (“RSUs”) granted under the 2020 Omnibus Incentive Plan and the 2016 Omnibus Incentive Plan (together, the “Omnibus Incentive Plan”).
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Equity Compensation Plan Information
(share amounts in thousands) Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights (1) Weighted Average Exercise Price of Outstanding Options Remaining Available for Future Issuance Under Equity Compensation Plans (excluding securities reflected in (1))
Equity compensation plans approved by shareholders 1,288 $ 26.00 4,383
Equity compensation plans not approved by shareholders — — —
Total 1,288 $ 26.00 4,383
(1) Includes 713 stock options, 313 PSUs and 262 RSUs granted to officers pursuant to the Omnibus Incentive Plan. Shares underlying RSUs and PSUs are deliverable without payment of any consideration, and therefore these awards have not been taken into account in calculating the weighted-average exercise price of outstanding options. PSUs are reflected at the target level of performance. For a description of the Omnibus Incentive Plan, see Note 5, “Stock Incentive Plan” to the accompanying consolidated financial statements included elsewhere in this Annual Report.
Recent Sales of Unregistered Securities
There were no sales of unregistered equity securities in fiscal 2022.
Item 6. [Reserved]
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