Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Market Information for Common Stock
The Company’s common stock is listed on the NYSE under the symbol “SSD.”
As of February 22, 2024 there were 61,712 holders of record of the Company’s common stock, although we believe that there are a significantly larger number of beneficial owners of our common stock.
Dividends
During 2023, the Company paid a total of $45.2 million in cash dividends. O n January 19, 2024, the Company declared a quarterly cash dividend of $0.27 per share of common stock to be paid on April 25, 2024 to stockholders of record as of April 4, 2024. See "Note 20 — Subsequent Events" to the Company's consolidated financial statements. Future dividends, if any, will be determined by the Com pany’s Board of Directors, based on the Company’s future earnings, cash flows, financial
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condition and other factors deemed relevant by the Board of Directors. See “Item 7 — Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
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Stock Performance Graph
The following graph compares the cumulative total stockholder return on the Company’s common stock from December 31, 2017, through December 31, 2023, with the cumulative total return on the S&P 500 Index (a broad equity market index), the Dow Jones U.S. Building Materials & Fixtures Index (a published industry or line-of-business index) and a Peer Group Index over the same period (assuming the investment of $100 in the Company’s common stock and in each of the indices on December 31, 2017, and reinvestment of all dividends into additional shares of the same class of equity securities at the frequency with which dividends are paid on such securities during the applicable fiscal year). To provide an additional comparison to our performance, we included an index consisting of companies in the building products or construction materials industries that are most comparable to us in terms of size and nature of operations, which group has also been referenced by us in connection with setting our executive compensation. The Peer Group Index below consisted of AAON, Inc., Advance Drainage Systems, Inc.; Allegion Plc; American Woodmark Corp.; Apogee Enterprises, Inc.; Armstrong World Industries, Inc.; Atkore, Inc.; Axek Company, Inc.; Azek Company, Inc.; Eagle Materials, Inc.; Gibraltar Industries, Inc.; Masonite International Corp.; Patrick Industries, Inc.; PGT Innovations, Inc.; Quanex Building Products Corp.; Summit Materials, Inc.; and Trex Company, Inc.
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Purchases of Equity Securities by the Issuer and Affiliated Purchasers
The table below shows the monthly repurchases of shares of the Company's common stock in the fourth quarter of 2023.
(a) (b) (c) (d)
Period Total Number of Shares Purchased Average Price Paid per Share 1 Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Value of Shares that May Yet Be Purchased Under the Plans or Programs
(in thousands)2
October 1 - October 31, 2023 128,093 $ 133.12 128,000 $82,962
November 1 - November 30, 2023 232,746 $ 141.62 232,746 $50,000
December 1 - December 31, 2023 73 $ 166.97 — $50,000
Total 360,912
Approximately 66 thousand shares of the Company's common stock were repurchased in 2023, in connection with the withholding of shares to cover payroll taxes on vesting of stock-based compensation awards vested and for retirement eligible employees who retired during 2023.
Approximately 361 thousand shares of the Company's common stock were repurchased in 2023 for a total amount of $50.0 million pursuant to the Board’s $100.0 million repurchase authorization that was publicly announced on December 15, 2022, which authorization expired on December 31, 2023.
On October 19, 2023, the Board of Directors authorized the repurchase up to $100.0 million of the Company’s common stock from January 1, 2024 through December 31, 2024.
Item 6. [Reserved]
1 Average price paid per share of common shares repurchased excludes excise tax. As of January 1, 2023, the Company's share repurchases are subjected to a 1% excise tax enacted by the Inflation Reduction Act of 2022. The amount of excise tax incurred is included in the Company's Consolidated Statement of Stockholders' Equity for the year ended December 31, 2023.
2 Pursuant to the $100.0 million repurchase authorization from the Board of Directors on December 15, 2022, and which expired on December 31,
2023. See "Note 5 — Stockholder's Equity".
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