Item 5. Market for Registrant’s Common Equity
Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities
Market Information
Our common stock commenced trading on March 3, 1998, on the Nasdaq Global Select Market and trades today under the symbol “CNXN”. As of March 11, 2022, there were 26,260,139 shares of our common stock outstanding, held by approximately 41 stockholders of record. This figure does not include an estimate of the number of beneficial holders whose shares are held of record by brokerage firms.
Dividends
In 2021, we declared a special cash dividend of $1.00 per share. The total cash payment of $26.2 million was made on December 3, 2021 to stockholders of record at the close of business on November 18, 2021. In 2020, we declared a special cash dividend of $0.32 per share. The total cash payment of $8.4 million was made on January 29, 2021 to stockholders of record at the close of business on January 12, 2021. The declaration and payment of any future dividends is at the discretion of our Board of Directors and will depend upon our financial position, strategic plans, general business conditions and any other factors deemed relevant by our Board of Directors.
Share Repurchase Authorization
The following table sets forth certain information with respect to repurchases of our common stock during the quarter ended December 31, 2021.
ISSUER PURCHASES OF EQUITY SECURITIES
Total Number of
Approximate Dollar Value
Shares Purchased as
of Shares that May Yet Be
Total Number
Part of Publicly
Purchased Under the Plans
of Shares
Average Price Paid
Announced Plans or
or Programs
Period
Purchased
Per Share
Programs
(in thousands) (1)
10/01/21-10/31/21
—
$
—
—
$
12,692
11/01/21-11/30/21
—
—
—
$
12,692
12/01/21-12/31/21
—
—
—
$
12,692
—
$
—
—
(1) In 2001, our Board of Directors authorized the spending of up to $15.0 million to repurchase shares of our common stock. In 2014, our Board approved an amendment to the share repurchase program authorizing up to an additional $15.0 million in share repurchases, for a total authorized repurchase amount of $30.0 million. On December 17, 2018, we announced that our Board approved an amendment to the share repurchase program authorizing up to $25.0 million in additional share repurchases. There is no fixed termination date for this repurchase program. As of December 31, 2021, we have repurchased an aggregate of 2.6 million shares for $42.3 million under our Board-approved repurchase programs. At December 31, 2021, the maximum approximate dollar value of shares that may yet be purchased under Board-authorized programs was $12.7 million.
Stock Performance Graph
The following performance graph and related information shall not be deemed “soliciting material” or to be “filed” with the SEC, nor shall such information be incorporated by reference into any future filing under the Securities Act of 1933 or the Exchange Act, each as amended, except to the extent that we specifically incorporate it by reference into such filing.
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The following graph compares our annual percentage change in cumulative total return on shares of our common stock over the past five years with the cumulative total return of companies comprising the NASDAQ Composite Index and the NASDAQ US Benchmark Retail TR 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 of our common stock. The graph plots the value of the initial $100 investment at one-year intervals for the fiscal years shown. The NASDAQ US Benchmark Retail TR Index replaces the CRSP NASDAQ Retail Trade 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.
Base Period
Years Ended
Company Name / Index
Dec-16
Dec-17
Dec-18
Dec-19
Dec-20
Dec-21
PC Connection, Inc.
100.00
94.51
108.39
182.17
173.48
162.67
Nasdaq Stock Market-Composite
100.00
129.64
125.96
172.18
249.51
304.85
Nasdaq US Benchmark Retail TR Index
100.00
124.68
133.27
167.14
235.98
280.54
Nasdaq Retail Trade Index
100.00
106.38
106.87
128.58
152.43
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Item 6. [Reserved]
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