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 March 5, 2024 as reported by the NASDAQ was $23.39. As of March 5, 2024, there were approximately 168 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 2023, our Board of Directors declared four quarterly cash dividends and one special dividend totaling $3.00 per share on our Classes A shares. These dividends totaling approximately $18.6 million were accrued or paid during 2023. See Note 1 of the financial statements for specific details on the dividends.
During 2022, our Board of Directors declared four quarterly cash dividends and two special dividends totaling $4.86 per share on our Classes A and B shares. These dividends totaling approximately $29.6 million were accrued or paid during 2022. In December 2022, the Board of Directors adopted a new 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. See Note 1 of the financial statements for specific details on the dividends.
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During 2021, our Board of Directors declared three quarterly cash dividends and a special dividend totaling $0.98 per share on our Classes A and B shares. These dividends totaling approximately $5.9 million were accrued or paid during 2021. See Note 1 of the financial statements for specific details on the dividends.
The Company currently intends to declare regular quarterly cash dividends as well as variable dividends in accordance with the terms of its variable dividend policy. As previously reported, our Board adopted a variable dividend policy for the allocation of available cash aligned with the goals of maintaining a strong balance sheet, increasing cash returns to shareholders, and continuing to grow the Company through strategic acquisitions. The Company may also declare special dividends and implementation of stock buybacks in future periods. 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
Not applicable.
Issuer Purchases of Equity Securities
The following table summarizes our repurchases of our Class A Common Stock during the three months ended December 31, 2023. Shares repurchased during the quarter were from the retention of shares for the payment of withholding taxes related to the vesting of restricted stock.
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)
Share
Program
Program (2)
October 1 - October 31, 2023
—
$
—
—
$
18,203,509
November 1 - November 30, 2023
10,475
$
20.02
—
$
17,993,800
December 1 - December 31, 2023
799
$
21.37
—
$
17,976,728
Total
11,274
$
20.12
—
$
17,976,728
(1) All shares were purchased other than through a publicly announced plan or program. The shares were forfeited to the Company for payment of tax withholding obligations related to the vesting of restricted stock.
(2) We have a Stock Buy-Back Program which allows us to purchase our Class A Common Stock. In February 2013, our Board of Directors authorized an increase in the amount committed to the Buy-Back Program from $60 million to approximately $75.8 million.
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 ]
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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.