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
The Nasdaq Global Select Market (“Nasdaq”) is the principal market for our common stock, which is traded under the symbol "IDCC."
Holders
As of February 13, 2023, there were 452 holders of record of our common stock.
Dividends
Cash dividends on outstanding common stock declared in 2022 and 2021 were as follows (in thousands, except per share data):
2022 Per Share Total Cumulative by Fiscal Year
First quarter $ 0.35 $ 10,803 $ 10,803
Second quarter 0.35 10,380 21,183
Third quarter 0.35 10,382 31,565
Fourth quarter 0.35 10,384 41,949
$ 1.40 $ 41,949
2021
First quarter $ 0.35 $ 10,766 $ 10,766
Second quarter 0.35 10,794 21,560
Third quarter 0.35 10,740 32,300
Fourth quarter 0.35 10,741 43,041
$ 1.40 $ 43,041
Since 2018, the Company has paid a quarterly cash dividend of $0.35 per share. We currently expect to continue to pay dividends comparable to our quarterly $0.35 per share cash dividend in the future; however, continued payment of cash dividends and changes in the Company's dividend policy will depend on the Company's earnings, financial condition, capital resources and capital requirements, alternative uses of capital, restrictions imposed by any existing debt, economic conditions and other factors considered relevant by our Board of Directors.
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Performance Graph
The following graph compares five-year total shareholder return on common stock with the cumulative total returns of the Nasdaq Telecommunications index and the Russell 2000 index. The graph tracks the performance of a $100 investment in our common stock and in each index (with the reinvestment of all dividends) from 12/31/2017 to 12/31/2022.
12/17 12/18 12/19 12/20 12/21 12/22
InterDigital, Inc. 100.00 88.78 74.48 85.13 102.57 72.56
Russell 2000 100.00 88.99 111.70 134.00 153.85 122.41
Nasdaq Telecommunications 100.00 77.39 91.90 101.16 103.32 75.55
The above performance graph shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or incorporated by reference into any filing of InterDigital under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
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Issuer Purchases of Equity Securities
Repurchase of Common Stock
The following table provides information regarding Company purchases of its common stock during fourth quarter 2022.
Period Total Number of Shares (or Units) Purchased (1) Average Price Paid Per Share (or Unit) Total Number of Shares (or Units) Purchases as Part of Publicly Announced Plans or Programs (2) Maximum Number (or Approximate Dollar Value) of Shares (or Units) That May Yet Be Purchased Under the Plans or Programs (3)
October 1, 2022 - October 31, 2022
— $ — — $ 67,019,447
November 1, 2022 - November 30, 2022
— $ — — $ 67,019,447
December 1, 2022 - December 31, 2022
— $ — — $ 400,000,000
Total — $ — —
(1) Total number of shares purchased during each period reflects share purchase transactions that were completed (i.e., settled) during the period indicated.
(2) Shares were purchased pursuant to the Company’s share repurchase program (the “Share Repurchase Program”), $300 million of which was authorized by the Company’s Board of Directors in June 2014, with an additional $100 million authorized by the Company’s Board of Directors in each of June 2015, September 2017, December 2018, May 2019, and May 2022, respectively, and an additional $333 million in December 2022. The Share Repurchase Program has no expiration date.
(3) Amounts shown in this column reflect the amounts remaining under the Share Repurchase Program. As of December 31, 2022, there was $400.0 million remaining under the share repurchase authorization, of which up to $200 million is subject to the modified Dutch auction tender offer commenced by the Company in January 2023.
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Item 6. [ RESERVED]