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 is traded on the NYSE under the symbol "IPI". As of February 29, 2024, we had 77 record holders of our common stock based upon information provided by our transfer agent.
Performance Graph—Comparison of Cumulative Return
The graph below compares the cumulative total stockholder return on our common stock with the cumulative total stockholder return on the S&P 500 Index, the Dow Jones U.S. Basic Materials Index, and a peer group for the period beginning on December 31, 2018, through December 31, 2023, assuming an initial investment of $100 and the reinvestment of dividends. The peer group consisted of The Mosaic Company, Compass Minerals International, Inc., and Nutrien Ltd.
IPI Peer Group S&P 500 Dow Jones U.S. Basic Materials
December 31, 2018 $ 100.00 $ 100.00 $ 100.00 $ 100.00
December 31, 2019 $ 104.23 $ 97.93 $ 131.47 $ 119.76
December 31, 2020 $ 92.88 $ 103.82 $ 155.65 $ 141.70
December 31, 2021 $ 164.35 $ 166.39 $ 200.29 $ 181.07
December 31, 2022 $ 111.04 $ 170.01 $ 163.98 $ 167.35
December 31, 2023 $ 91.88 $ 136.87 $ 207.04 $ 185.77
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Dividends
We currently intend to retain earnings to reinvest for future operations and growth of our business and do not anticipate paying any cash dividends on our common stock. However, our Board of Directors, in its discretion, may decide to declare a dividend at an appropriate time in the future, subject to the terms of our revolving credit agreement. A decision to pay a dividend would depend upon, among other factors, our results of operations, financial condition, and cash requirements and the terms of our revolving credit agreement at the time a payment is considered.
Purchases of Equity Securities by the Issuer
Issuer Purchases of Equity Securities
Period (a)
Total Number of Shares Purchased 1
(b)
Average Price Paid Per Share (c)
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (d)
Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plan or Programs 2
October 1, 2023, through October 31, 2023 — $— — $12,987,860
November 1, 2023, through November 30, 2023 — $— — $12,987,860
December 1, 2023, through December 31, 2023 7,472 $23.33 — $12,987,860
Total 7,472 $23.33 — $12,987,860
1 Represents shares of common stock we withheld as a payment of withholding taxes due upon vesting of restricted stock held by our employees.
2 Represents the dollar value of remaining availability under the $35 million share repurchase program approved by the Board of Directors in February 2022. Under the share repurchase program, we may repurchase shares from time to time in the open market or in privately negotiated transactions. The timing, volume and nature of share repurchases, if any, will be at our sole discretion and will be dependent on market conditions, liquidity, applicable securities laws, and other factors. We may suspend or discontinue the share repurchase program at any time. During 2023, we did not purchase any shares under the share repurchase program.
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ITEM 6. RESERVED
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