1 unchanged sentence
Issuer Purchases of Equity Securities
−Removed: The table below sets forth information with respect to purchases made by the Company of its common stock during the second quarter of fiscal year 2021.
+Added: The table below sets forth information with respect to purchases made by the Company of its common stock during the third quarter of fiscal year 2021.
Purchased Average Price
4 unchanged sentences
or Programs (C)
−Removed: October 1 to October 31, 2020
+Added: January 1 to January 31, 2021
Share Repurchase Program (A) — $ — — 1,349,037
Employee Transactions (B) 428 $ 11.04 — —
−Removed: November 1 to November 30, 2020
+Added: February 1 to February 28, 2021
Share Repurchase Program (A) — $ — — 1,349,037
Employee Transactions (B) — $ — — —
−Removed: December 1 to December 31, 2020
+Added: March 1 to March 31, 2021
Share Repurchase Program (A) — $ — — 1,349,037
2 unchanged sentences
(B) Represents shares withheld to satisfy the employee’s tax withholding obligation that is incurred upon the vesting of deferred shares granted under the Company’s stock incentive plans.
−Removed: (C) As described under the caption “Stock Repurchase Program and Treasury Shares” in the Liquidity and Capital Resources section of Part I, Item 2 of this Form 10-Q, on November 6, 2018, the Board of Directors approved a stock buyback program (the “November 2018 Program”), which replaced the December 2016 Program.
−Removed: Under the November 2018 Program, the Company may repurchase common stock up to a maximum of $30.0 million per calendar year provided that the aggregate number of shares repurchased may not exceed 10%, or approximately 2.7 million, of the Company's shares outstanding as of November 6, 2018.
−Removed: In addition, the Company may have to limit share repurchases at times if the repurchases put it at risk of violating the FCCR covenant in the Credit Agreement.
−Removed: The Company may repurchase its stock from time to time in the open market at prevailing market prices or in privately negotiated transactions and is not obligated to purchase any shares.
−Removed: The November 2018 Program will continue unless and until it is modified or revoked by the Board of Directors.
+Added: (C) As described under the caption “Stock Repurchase Program and Treasury Shares” in the Liquidity and Capital Resources section of Part I, Item 2 of this Form 10-Q, on November 6, 2018, the Board of Directors approved a stock buyback program.
+Added: Under the program, the Company may repurchase common stock up to a maximum of $30.0 million per calendar year provided that the aggregate number of shares repurchased may not exceed 10%, or approximately 2.7 million, of the Company's shares outstanding as of November 6, 2018.
+Added: However, the Amended Credit Agreement currently does not allow share repurchases.
+Added: In addition, even after the prohibition on stock buybacks in the Amended Credit Agreement lapses, the Company may have to limit share repurchases at times if the repurchases put it at risk of violating the FCCR covenant in the Credit Agreement.
+Added: Under the program, the Company may repurchase its stock from time to time in the open market at prevailing market prices or in privately negotiated transactions and is not obligated to purchase any shares.
+Added: The stock buyback program will continue unless and until it is modified or revoked by the Board of Directors.
Dividend Policy
−Removed: We have never paid cash dividends on our common stock, and the terms of our Credit Agreement limit the amount of cash dividends we can pay.
−Removed: Under our Credit Agreement, we may declare and pay cash dividends on our capital stock during any fiscal year up to an amount which, when added to all other cash dividends paid during such fiscal year, does not exceed 50% of our cumulative net income for such fiscal year to date.
+Added: We have never paid cash dividends on our common stock, and the terms of our Amended Credit Agreement currently do not allow cash dividends.
+Added: After the current prohibition on the payment of cash dividends under our Amended Credit Agreement lapses, we may declare and pay cash dividends on our capital stock during any fiscal year up to an amount which, when added to all other cash dividends paid during such fiscal year, does not exceed 50% of our cumulative net income for such fiscal year to date.
Any future dividend payments will depend on our financial condition, capital requirements and earnings as well as other relevant factors.
5 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.