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 Information
Our common stock IPO was completed on April 23, 2018 and our stock is listed on the NYSE under the trading symbol “EAF.”
Holders
As of December 31, 2020, there were three holders of record of our common stock.
Dividend Policies and Restrictions
We currently pay a quarterly cash dividend of $0.01 per share, or an aggregate of $0.04 per share on an annualized basis. We expect to continue to pay this dividend out of cash generated from operations; we do not intend to incur indebtedness to fund regular, quarterly dividend payments.
We cannot assure you, however, that we will pay dividends in the future in these amounts or at all. Our board of directors may change the timing and amount of any future dividend payments or eliminate the payment of future dividends in its sole discretion, without any prior notice to our stockholders. Our ability to pay dividends will depend upon many factors, including our financial position and liquidity, results of operations, legal requirements, restrictions that may be imposed by the terms of our current and future credit facilities and other debt obligations and other factors deemed relevant by our board of directors.
For further discussion of the factors that may affect our business and our ability to pay dividends, see “Risk Factors-Risks Related to Our Business and Industry” and “Risk Factors-Risks Related to our Common Stock-We may not pay cash dividends on our common stock.”
Repurchases
The table below sets forth the information on a monthly basis regarding GrafTech's purchases of its common stock, par value $0.01 per share, during the fourth quarter of 2020.
Period Total Number of Shares Purchased Average Price Paid per Share 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 (1)
October 1 through October 31, 2020 — $ — — $ 59,030,305
November 1 through November 30, 2020 — — — —
December 1 through December 31, 2020 — $ — — —
Total — — $ 59,030,305
(1) Authorization remaining pursuant to our previously announced program to repurchase, which was authorized by our Board of Directors on July 30, 2019 (the “Share Repurchase Program”). The Share Repurchase Program was announced on July 31, 2019 and allows for the purchase of up to $100 million of outstanding shares of our common stock from time to time on the open market, including under Rule 10b5-1 and/or Rule 10b-18 plans. The Share Repurchase Program has no expiration date.
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Item 6. Selected Financial Data
The data set forth below should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the Consolidated Financial Statements and Notes thereto.
Year Ended December 31,
2020 2019 2018 2017 (d)
2016 (d)
(in thousands, except per share amounts)
Statement of Operations Data:
Net sales $ 1,224,361 $ 1,790,793 $ 1,895,910 $ 550,771 $ 437,963
Income (loss) from
continuing operations 434,374 744,602 853,888 14,212 (108,869)
Net income (loss) 434,374 744,602 854,219 7,983 (235,843)
Basic and diluted earnings
(loss) per common share:
Income (loss) from continuing
operations per share $ 1.62 $ 2.58 $ 2.87 $ 0.05 $ (0.36)
Weighted average common
shares outstanding (a) 267,916 289,057 297,748 302,226 302,226
Dividends per common share (b) $ 0.12 $ 0.34 $ 7.71 $ — $ —
Balance sheet data
(at period end):
Total assets $ 1,432,712 $ 1,526,164 $ 1,505,491 $ 1,199,103 $ 1,172,276
Other long-term obligations (c) 81,478 72,562 72,519 68,907 82,148
Total long-term debt 1,420,000 1,812,682 2,050,311 322,900 356,580
Other financial data:
Net cash provided by
operating activities $ 563,646 $ 805,316 $ 836,603 $ 36,573 $ 22,815
Net cash used in
investing activities (35,696) (63,884) (67,295) (2,199) (10,471)
Net cash used in
financing activities (463,683) (709,631) (731,044) (32,995) (8,317)
(a) Gives effect to the 3,022,259.23-for-1 stock split on our common stock effected on April 12, 2018.
(b) 2018 calculated by total dividends paid of $2,294,265 divided by weighted average shares outstanding. $2,022,000 of these dividends were declared and paid to Brookfield prior to our IPO. All other dividends were declared and paid to all common stockholders.
(c) Represents pension and post-retirement benefits and related costs and miscellaneous other long-term obligations.
(d) 2016 and 2017 results included discontinued operations related to business units that have since been disposed.
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Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.