Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities
Our Class A Common Stock trades on the NASDAQ Global Market of the NASDAQ Stock Market LLC under the ticker symbol SGA.
The closing price for our Class A Common Stock on April 9, 2026, as reported by the NASDAQ was $11.62. As of April 9, 2026, there were approximately 170 holders of record of our Class A Common Stock. This figure does not include an estimate of the indeterminate number of beneficial holders whose shares may be held of record by brokerage firms and clearing agencies.
Dividends
During 2025, the Company’s Board of Directors declared four quarterly cash dividends on its Class A Common Stock. These dividends, totaling $1.00 per share and approximately $6.4 million were paid during 2025.
34
Table of Contents
During 2024, the Company’s Board of Directors declared four quarterly cash dividends and a variable dividend on its Class A Common Stock. These dividends, totaling $1.60 per share and approximately $10.0 million were paid during 2024. Additionally, $12.5 million of dividends declared in the fourth quarter of 2023, were paid during 2024.
In December 2022, the Board of Directors adopted a variable dividend policy for the allocation of cash flows aligned with the Company’s goals of maintaining a strong balance sheet, increasing cash returns to shareholders, and continuing to grow the Company through strategic acquisitions.
The Company intends to pay regular quarterly cash dividends in the future. Consistent with its strategic objective of maintaining a strong balance sheet and returning value to shareholders, the Board of Directors will also continue to consider declaring special cash dividends, variable dividends and stock buybacks in the future. The declaration and payment of any future dividend, whether fixed, special, or based on the variable policy, or the implementation of any stock buyback program will remain at the full discretion of the Board and will depend on the Company’s financial results, cash requirements, future expectations, and other pertinent factors.
Recent Sales of Unregistered Securities
None.
Issuer Purchases of Equity Securities
The following table summarizes our repurchases of our Class A Common Stock during the three months ended December 31, 2025. Shares repurchased during the quarter were from the retention of shares for the payment of withholding taxes related to the vesting of restricted stock and from the purchase of shares under our Stock Buy-Back Program.
Total Number
Approximate
of
Dollar
Shares
Value of
Purchased
Shares
Total
Average
as Part of
that May Yet be
Number
Price
Publicly
Purchased
of Shares
Paid per
Announced
Under the
Period
Purchased (1) (3)
Share (2)
Program
Program (3)
October 1 - October 31, 2025
—
$
—
—
$
17,686,383
November 1 - November 30, 2025
5,616
$
12.11
5,616
$
17,618,373
December 1 - December 31, 2025
213,710
$
11.54
213,710
$
15,153,267
Total
219,326
$
11.55
219,326
$
15,153,267
(1) From time to time, we may repurchase shares of our Class A Common Stock pursuant to our publicly announced share repurchase program through open market purchases, privately negotiated transactions, or pursuant to a trading plan adopted under Rule 10b5-1 under the Exchange Act. Of the purchased shares, 184,215 were purchased through privately negotiated transactions and 35,111 were forfeited to the Company for the payment of tax withholding obligations.
(2) The average price paid per share, as applicable, reflects (i) the amount privately negotiated and (ii) the fair market value of our Class A Common Stock on the applicable vesting or settlement date for purposes of satisfying tax withholding obligations.
(3) In 1998, we established a share repurchase program allowing us to purchase Class A Common Stock. In March 2013, our Board of Directors authorized an amendment to our share repurchase program increasing the amount authorized from $60.0 million to $75.8 million in common stock.
35
Table of Contents
Performance Graph
We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are no longer required to provide a performance graph.
Item 6. [ Reserved ]
36
Table of Contents
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.