11 unchanged sentences
There is no public trading market for the class B stock.
−Removed: The Company paid quarterly dividends for each class of common stock then outstanding during the year ended December 31, 2019, and during the first quarter of 2020.
+Added: The Company paid a dividend for each class of common stock then outstanding during the first quarter of 2020.
Due to uncertainty in client demand as a result of the COVID-19 pandemic, the Company’s Board of Directors proactively suspended the Company’s quarterly dividends beginning in the second quarter of 2020.
+Added: However, the Company remains committed to paying a dividend over the long term and will seek to resume a dividend following the stabilization of its operating environment.
Pursuant to the Company’s Articles of Incorporation, each outstanding class of common stock has equal rights with respect to cash dividends.
Pursuant to the Company’s debt facilities, the Company is subject to limitations on dividends and repurchases of capital stock.
−Removed: If the Company’s Total Net Leverage Ratio is greater than 2.75 to 1.00 (as defined in the Company’s Senior Secured Credit Facility), the Company is prohibited from making greater than $60.0 million of annual dividend payments, capital stock repurchases and certain other payments.
−Removed: If the Total Net Leverage Ratio is less than 2.75 to 1.00, there are no such restrictions.
−Removed: In addition to the foregoing, the Company completed the fourth amendment to its April 28, 2014 Senior Secured Credit Facility on June 29, 2020 (see Note 12.
−Removed: “Debt,” for more details on the amendment), which, among other things, prohibits the Company from repurchasing capital stock and paying cash dividends during the period starting June 29, 2020 and ending September 30, 2021 (the “Covenant Relief Period”), As the Company is in the Covenant Relief Period, and the Company’s Total Net Leverage ratio as of December 31, 2020, was 3.30 to 1.00, the limitations described above are currently applicable.
+Added: If the Company’s Total Leverage Ratio is greater than 2.75 to 1.00, as defined in the Company’s Senior Secured Credit Facility, last amended on November 2, 2021, (see Note 12.
+Added: “Debt,” for more details on the amendment), the Company is prohibited from making greater than $60.0 million of dividend payments, capital stock repurchases and certain other payments, over the course of the agreement.
+Added: If the Company’s Total Leverage Ratio is above 2.50 to 1.00, but below 2.75 to 1.00, the Company is prohibited from making greater than $100.0 million of dividend payments, capital stock repurchases, and certain other payments, over the course of the agreement.
+Added: If the Total Leverage Ratio is less than 2.50 to 1.00, there are no such restrictions.
Securities Authorized For Issuance Under Equity Compensation Plans
15 unchanged sentences
The program may be suspended or discontinued at any time.
−Removed: The Company is currently prohibited from repurchasing capital stock through the Covenant Relief Period, in accordance with the fourth amendment to the April 28, 2014 Senior Secured Credit Facility, completed on June 29, 2020.
There were no shares of the Company’s class A stock repurchased during the years December 31, 2021 and 2020 .
As of December 31, 2021, there were $100.0 million of authorized repurchases remaining under the program.
−Removed: Selected Financial Data
−Removed: As a smaller reporting company, the Company is not required to provide the information required by this Item.
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.