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 third quarter of fiscal year 2021.
+Added: The table below sets forth information with respect to purchases we made of our common stock during the first quarter of fiscal year 2022.
Purchased Average Price
4 unchanged sentences
or Programs (C)
−Removed: January 1 to January 31, 2021
−Removed: Share Repurchase Program (A) — $ — — 1,349,037
+Added: July 1 to July 31, 2021
+Added: Stock Buyback Program (A) — $ — — 1,349,037
Employee Transactions (B) — —
−Removed: February 1 to February 28, 2021
−Removed: Share Repurchase Program (A) — $ — — 1,349,037
+Added: August 1 to August 31, 2021
+Added: Stock Buyback Program (A) — $ — — 1,349,037
Employee Transactions (B) 76,703 $ 11.11 — —
−Removed: March 1 to March 31, 2021
−Removed: Share Repurchase Program (A) — $ — — 1,349,037
+Added: September 1 to September 30, 2021
+Added: Stock Buyback Program (A) — $ — — 1,349,037
Employee Transactions (B) — $ — — —
(A) Represents shares purchased under our Stock Buyback Program.
−Removed: (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.
−Removed: 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.
−Removed: However, the Amended Credit Agreement currently does not allow share repurchases.
−Removed: 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.
−Removed: 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.
−Removed: The stock buyback program will continue unless and until it is modified or revoked by the Board of Directors.
+Added: (B) Represents shares withheld to satisfy the employee’s tax withholding obligation that is incurred upon the vesting of deferred shares granted under our stock incentive plans.
+Added: (C) We may repurchase common stock pursuant to the Stock Buyback Program, which was approved by the board of directors in November 2018.
+Added: Under the program, the aggregate number of shares repurchased may not exceed 2,707,175 shares.
+Added: We may repurchase our stock from time to time in the open market at prevailing market prices or in privately negotiated transactions and are not obligated to purchase any shares.
+Added: The program will continue unless and until it is modified or revoked by the Board of Directors.
+Added: The terms of our ABL Facility also limit share repurchases to $2.5 million per fiscal year provided that we meet certain availability thresholds and we do not violate our Fixed Charge Coverage Ratio financial covenant.
+Added: We made no repurchases under the program in the first quarter of fiscal 2022 and have no current plans to repurchase stock in the near-term.
Dividend Policy
−Removed: We have never paid cash dividends on our common stock, and the terms of our Amended Credit Agreement currently do not allow cash dividends.
−Removed: 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.
−Removed: Any future dividend payments will depend on our financial condition, capital requirements and earnings as well as other relevant factors.
+Added: We have never paid cash dividends on our common stock and the terms of our ABL Facility limit dividends to stock dividends only.
+Added: Any future dividend payments will depend on the terms of our ABL Facility, our financial condition, capital requirements and earnings as well as other relevant factors.
Defaults Upon Senior Securities
4 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.