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
The table below sets forth the range of prices for the Company’s Common Stock, traded on the NASDAQ National Market System, for each quarterly period during the last two years. The approximate number of shareholders of record as of March 2, 2022, was 705 for Common Stock and 1,946 for Class B Stock.
2021 High Low
First $ 19.00 $ 12.14
Second $ 20.51 $ 15.50
Third $ 19.25 $ 12.61
Fourth $ 14.55 $ 10.04
2020 High Low
First $ 28.92 $ 7.15
Second $ 15.46 $ 7.14
Third $ 10.80 $ 7.60
Fourth $ 13.64 $ 6.40
The Company has not paid any cash dividends in the three-year period ended December 31, 2021. The Company has no plans to pay cash dividends as it plans to retain all cash from operations as a source of capital to service debt and finance working capital and growth in the business.
The following table summarizes our purchases of our common stock for the quarter ended December 31, 2021:
Period Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Dollar Value of Shares that may yet be Purchased Under the Program
October 3 - October 30 (1) 729 $ 14.38 — $ 41,483,815
October 31 - November 27 — $ — — $ 41,483,815
November 28 - December 31 — $ — — $ 41,483,815
Total 729 $ 14.38 —
(1) On October 4, 2021, we accepted delivery of 729 shares at $14.38 in connection with the issuance of restricted stock units.
Previously, the Board of Directors authorized share repurchase programs that authorized repurchases up to certain monetary limits in accordance with applicable securities laws on the open market or through privately negotiated transactions. Under those programs, we purchased approximately 3,498,000 shares for $100 million.
On September 17, 2019, the Board of Directors authorized an additional share repurchase program. This program authorizes repurchases of up to $50 million of common stock. Cumulative repurchases under this plan were approximately 310,000 shares at a cost of $8.5 million before the 10b5-1 plan associated with the share repurchase program was terminated on February 3, 2020. There have been no repurchases since that date.
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The following graph compares the Company’s annual percentage change in cumulative total return on common shares over the past five years with the cumulative total return of companies comprising the S&P 500 Index and the NASDAQ Composite Index. This presentation assumes that $100 was invested in shares of the relevant issuers on December 31, 2016, and that dividends received were immediately invested in additional shares. The graph plots the value of the initial $100 investment at one-year intervals for the fiscal years shown. The NASDAQ Composite Index replaces the CRSP NASDAQ Stock Market (US and Foreign Companies) Index in this analysis and going forward, as the CRSP Index data is no longer accessible. The CRSP index has been included with data through 2020.
2016 2017 2018 2019 2020 2021
Astronics Corp. Return % — 22.55 (13.30) (8.21) (52.67) (9.30)
Cum $ 100.00 122.55 106.25 97.52 46.16 41.87
S&P 500 Index - Total Returns Return % — 21.83 (4.38) 31.49 18.40 28.71
Cum $ 100.00 121.83 116.49 153.17 181.35 233.41
NASDAQ Stock Market (US and Foreign Companies) Return % — 29.37 (2.95) 35.78 43.55 —
Cum $ 100.00 129.37 125.54 170.46 244.69 —
NASDAQ Composite-Total Return Return % — 29.64 (2.84) 36.69 44.92 22.18
Cum $ 100.00 129.64 125.96 172.18 249.51 304.85
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ITEM 6. [Reserved]