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
Our common shares began trading on the NYSE under the symbol “FTAI” on May 15, 2015, the date of the IPO. As of February 25, 2021, there were approximately ten record holders of our common shares. This figure does not reflect the beneficial ownership of shares held in nominee name.
Although we currently intend to continue to pay regular quarterly dividends to holders of our common shares, we may change our dividend policy at any time and no assurances can be given that any future dividends will be paid or, if paid, as to the amounts or timing. The declaration and payment of dividends to holders of our common shares will be at the discretion of our board of directors in accordance with applicable law after taking into account various factors, including actual results of operations, liquidity and financial condition, net cash provided by operating activities, restrictions imposed by applicable law, our taxable income, our operating expenses and other factors our board of directors deem relevant.
On February 25, 2021, our Board of Directors declared a cash dividend on our common shares of $0.33 per share for the quarter ended December 31, 2020, payable on March 23, 2021 to the holders of record on March 12, 2021.
Nonqualified Stock Option and Incentive Award Plan
In 2015, in connection with the IPO, we established a Nonqualified Stock Option and Incentive Award Plan (“Incentive Plan”) which provides for the ability to award equity compensation awards in the form of stock options, stock appreciation rights, restricted stock, and performance awards to eligible employees, consultants, directors, and other individuals who provide services to us, each as determined by the Compensation Committee of the Board of Directors. As of December 31, 2020, the Incentive Plan provides for the issuance of up to 29.9 million shares.
The following table summarizes the total number of outstanding securities in the Incentive Plan and the number of securities remaining for future issuance, as well as the weighted average strike price of all outstanding securities as of December 31, 2020.
Equity Compensation Plan Information
Plan category Number of securities to be issued upon exercise of outstanding options, warrants, and rights Weighted-average exercise price of outstanding options, warrants, and rights Number of securities remaining available for future issuance under equity compensation plans (1)
Equity compensation plans approved by security holders 2,243,692 $ 17.01 29,854,909
Equity compensation plans not approved by security holders — — —
Total 2,243,692 29,854,909
______________________________________________________________________________________
(1) Excludes 25,000 stock options and 120,091 common shares issued to directors as compensation.
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Performance Graph
The following graph compares the cumulative total return for our common shares (stock price change plus reinvested dividends) with the comparable return of three indices: S&P Mid Cap 400, Dow Jones US Transportation Services, and Alerian MLP. The graph assumes an investment of $100 in our common shares and in each of the indices on December 31, 2015, and that all dividends were reinvested. The past performance of our shares is not an indication of future performance.
COMPARISON OF CUMULATIVE TOTAL RETURN*
Among Fortress Transportation & Infrastructure Investors LLC, the S&P Midcap 400 Index, the Dow Jones US Transportation Services Index and Alerian MLP
*$100 each invested on December 31, 2015 in stock and index, including reinvestment of dividends. Fiscal year ending December 31.
(in whole dollars) December 31,
Index 2015 2016 2017 2018 2019 2020
Fortress Transportation & Infrastructure Investors LLC $ 100.00 $ 133.19 $ 216.06 $ 168.13 $ 248.60 $ 332.80
S&P Midcap 400 100.00 120.74 140.35 124.80 157.49 179.00
Dow Jones US Transportation Services 100.00 126.52 164.29 99.38 134.77 161.47
Alerian MLP 100.00 118.31 110.59 96.86 103.21 73.60
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Item 6. Selected Financial Data
The selected historical financial information set forth below as of and for the years ended December 31, 2020, 2019, 2018, 2017 and 2016 has been derived from our audited historical consolidated financial statements.
The information below should be read in conjunction with “Management's Discussion and Analysis of Financial Condition and Results of Operations,” included in Item 7 and the consolidated financial statements and notes thereto included in Item 8 in this Annual Report on Form 10-K.
As of and for the year ended December 31,
(in thousands except share and per share data) 2020 2019 2018 2017 2016
Revenues
Equipment leasing revenues $ 297,934 $ 349,322 $ 253,039 $ 170,000 $ 101,949
Infrastructure revenues 68,562 229,452 89,073 15,052 15,934
Total revenues 366,496 578,774 342,112 185,052 117,883
Total expenses 460,642 631,493 367,143 223,898 157,503
Total other (expense) income (16,782) 204,851 7,374 18,297 (1,315)
(Loss) income from continuing operations before income taxes (110,928) 152,132 (17,657) (20,549) (40,935)
(Benefit from) provision for income taxes (5,905) 17,810 2,449 1,954 268
Net (loss) income from continuing operations (105,023) 134,322 (20,106) (22,503) (41,203)
Net income (loss) from discontinued operations, net of income taxes 1,331 73,462 4,402 (737) 605
Net (loss) income (103,692) 207,784 (15,704) (23,240) (40,598)
Less: Net (loss) income attributable to non-controlling interest in consolidated subsidiaries:
Continuing operations (16,522) (17,571) (21,925) (23,304) (20,557)
Discontinued operations — 247 339 (70) 23
Dividends on preferred shares 17,869 1,838 — — —
Net (loss) income attributable to shareholders $ (105,039) $ 223,270 $ 5,882 $ 134 $ (20,064)
(Loss) earnings per share:
Basic
Continuing operations $ (1.24) $ 1.74 $ 0.02 $ 0.01 $ (0.27)
Discontinued operations $ 0.02 $ 0.85 $ 0.05 $ (0.01) $ 0.01
Diluted
Continuing operations $ (1.24) $ 1.74 $ 0.02 $ 0.01 $ (0.27)
Discontinued operations $ 0.02 $ 0.85 $ 0.05 $ (0.01) $ 0.01
Weighted average shares outstanding:
Basic 86,015,702 85,992,019 83,654,068 75,766,811 75,738,698
Diluted 86,015,702 86,029,363 83,664,833 75,766,811 75,738,698
Dividends declared per share of common stock $ 1.32 $ 1.32 $ 1.32 $ 1.32 $ 1.32
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As of and for the year ended December 31,
(in thousands except share and per share data) 2020 2019 2018 2017 2016
Balance Sheet data:
Total assets $ 3,387,977 $ 3,236,922 $ 2,638,778 $ 1,955,806 $ 1,547,312
Debt, net 1,904,762 1,420,928 1,215,108 680,751 247,357
Total liabilities 2,288,656 1,898,065 1,584,996 920,731 381,632
Total equity 1,099,321 1,338,857 1,053,782 1,035,075 1,165,680
Cash Flow data:
Net cash provided by (used in):
Operating activities $ 63,106 $ 151,043 $ 133,697 $ 68,497 $ 30,903
Investing activities (509,123) (495,236) (703,533) (472,265) (210,749)
Financing activities 364,918 465,873 597,867 363,078 (89,971)