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 and dividend information
Our common stock is traded on the New York Stock Exchange (“NYSE”) under the symbol "MITT." As of February 17, 2022, there were 23,915,293 shares of common stock outstanding and approximately 37 registered holders of our common stock. The 37 holders of record include Cede & Co., which holds shares as nominee for The Depository Trust Company, which itself holds shares on behalf of the beneficial owners of our common stock. Such information was obtained through our registrar and transfer agent, based on the results of a broker search.
The following tables set forth, for the periods indicated, the high and low sale price of our common stock as reported on the NYSE and the dividends declared per share of our common stock. All per share amounts below have been adjusted to reflect the one-for-three reverse stock split effected July 22, 2021.
Sales Prices
2021 High Low
First Quarter $ 14.88 $ 8.31
Second Quarter 14.85 10.61
Third Quarter 13.05 9.81
Fourth Quarter 13.49 9.94
2020 High Low
First Quarter $ 50.10 $ 6.00
Second Quarter 23.67 4.38
Third Quarter 11.09 7.56
Fourth Quarter 10.98 7.54
2021
Declaration Date Record Date Payment Date Dividend Per Share
3/22/2021 4/1/2021 4/30/2021 $ 0.18
6/15/2021 6/30/2021 7/30/2021 0.21
9/15/2021 9/30/2021 10/29/2021 0.21
12/15/2021 12/31/2021 1/31/2022 0.21
Total $ 0.81
2020
Declaration Date Record Date Payment Date Dividend Per Share
12/22/2020 12/31/2020 1/29/2021 $ 0.09
Although we intend to continue to declare quarterly dividends, no assurances can be made as to the amount of any future dividend. We have not established a minimum dividend payment level and our ability to pay dividends may be adversely affected for the reasons described under the caption "Risk Factors," among others. The declaration of any future dividends by us is within the discretion of our Board of Directors and will be dependent upon, among other things, our earnings, our financial condition, Maryland law, and our capital requirements, as well as any other factor deemed relevant by our Board of Directors. Two principal factors in determining the amounts of dividends are (i) the requirement of the Code that a real estate investment trust distribute to shareholders at least 90% of its real estate investment trust taxable income and (ii) the amount of our available cash.
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Repurchase Program
On November 3, 2015, the Company’s Board of Directors authorized a stock repurchase program ("Repurchase Program") to repurchase up to $25.0 million of the Company's outstanding common stock. Such authorization does not have an expiration date. As part of the Repurchase Program, shares may be purchased in open market transactions, including through block purchases, through privately negotiated transactions, or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Exchange Act. The following table presents information related to our purchases of our common stock during the year ended December 31, 2021:
Period (1) Total Number of Shares Purchased Weighted Average Price Paid per Share (2) Total Number of Shares Purchased as Part of Publicly Announced Program (3) Maximum Approximate Dollar Value that May Yet Be Purchased Under the Program (4)
August 1, 2021 to August 31, 2021 150,870 $ 10.72 398,006 $ 12,980,553
September 1, 2021 to September 30, 2021 107,885 11.39 505,891 11,751,409
October 1, 2021 to October 31, 2021 61,104 11.59 566,995 11,043,506
Total 319,859 $ 11.11 566,995 $ 11,043,506
(1) Based on trade date. The Repurchase Program was announced on November 4, 2015 and does not have an expiration date.
(2) Includes brokerage commissions and clearing fees.
(3) Amounts have been adjusted to reflect the one-for-three reverse stock split effected July 22, 2021.
(4) The maximum dollar amount authorized was $25.0 million.
ITEM 6. RESERVED