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
Our common stock is traded on the NASDAQ Global Select Market under the symbol “STRA.” As of January 28, 2022, there were 24,592,098 shares of common stock outstanding, and approximately 109 holders of record.
In 2020 and 2021, our Board of Directors approved the following dividend payments per common shares:
2020 2021
First Quarter $0.60 $0.60
Second Quarter $0.60 $0.60
Third Quarter $0.60 $0.60
Fourth Quarter $0.60 $0.60
Whether to declare dividends and the amount of dividends to be paid in the future will be reviewed periodically by our Board of Directors in light of our earnings, cash flow, financial condition, capital needs, investment opportunities, and regulatory considerations. There is no requirement or assurance that common dividends will be paid in the future.
Peer Group Performance Graph
The following performance graph compares the cumulative stockholder return on our common stock since December 31, 2016 with The NASDAQ Stock Market (U.S.) Index and a self-determined peer group consisting of Adtalem Global Education, Inc. (ATGE), Chegg, Inc. (CHGG), Graham Holdings Company (GHC), Grand Canyon Education, Inc. (LOPE), Houghton Mifflin Harcourt Company (HMHC), Stride Inc. (formerly K12, Inc.) (LRN), Laureate Education, Inc. (LAUR), Pearson PLC (PSO), Perdoceo Education Corporation (PRDO), and Zovio, Inc. (ZVO). At present, there is no comparative index for the education industry. This graph is not deemed to be “soliciting material” or to be filed with the SEC or subject to the SEC’s proxy rules or to the liabilities of Section 18 of the Exchange Act, and the graph shall not be deemed to be incorporated by reference into any of our prior or subsequent filings under the Securities Act or the Exchange Act.
Comparison of 60 Month Cumulative Total Return*
Among Strategic Education, Inc.
The NASDAQ Stock Market (U.S.) Index and a Peer Group
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Name 12/31/16 12/31/17 12/31/18 12/31/19 12/31/20 12/31/21
Strategic Education, Inc. 100 111 141 197 118 72
NASDAQ Stock Market (U.S.) 100 128 123 167 239 291
Peer Group 100 123 152 156 227 147
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* The comparison assumes $100 was invested on December 31, 2016 in our common stock, the NASDAQ Stock Market (U.S.) Index, and the peer companies selected by us.
There were no sales by us of unregistered securities during the year ended December 31, 2021.
Stock Repurchase Program
In November 2003, our Board of Directors authorized us to repurchase shares of common stock in open market purchases from time to time at the discretion of our management, depending on market conditions and other corporate considerations. Our Board of Directors amended the program on various dates, increasing the repurchase amount authorized and extending the expiration date. At December 31, 2021, $250 million of the Company’s share repurchase authorization was remaining for repurchases through December 31, 2022. All of our share repurchases have been effected in compliance with Rule 10b-18 under the Exchange Act. Some repurchases have been made in accordance with a share repurchase plan adopted by us under Rule 10b5-1 under the Exchange Act. Our share repurchase program may be modified, suspended, or terminated at any time by us without notice.
A summary of our open market share repurchases since the inception of the plan is as follows:
Total number of shares repurchased Average dollar price paid per share Cost of share repurchases
(millions)
2003 32,350 $ 99.57 $ 3.2
2004 346,444 106.13 36.8
2005 410,071 92.59 38.0
2006 349,066 100.39 35.0
2007 260,818 146.05 38.1
2008 603,382 180.86 109.1
2009 451,613 177.34 80.1
2010 687,340 168.06 115.5
2011 1,581,444 128.15 202.7
2012 484,841 51.56 25.0
2013 495,085 50.49 25.0
2014 — — —
2015 — — —
2016 — — —
2017 — — —
2018 — — —
2019 — — —
2020 1,769 139.78 0.2
2021 76,969 76.72 5.9
Total 5,781,192 $ 123.61 $ 714.6
We did not make any share repurchases in 2014 through 2019 or during the three months ended December 31, 2021 under our repurchase program. In 2021, 2020 and 2019, we withheld 32,619, 39,323, and 37,596 shares of restricted stock, respectively, at an average price per share of $86.07, $161.88, and $154.06, respectively, to satisfy tax obligations related to restricted stock awards.
Item 6. Reserved
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