Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
−Removed: 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.
+Added: Our common stock is traded on the NASDAQ Global Select Market under the symbol “STRA.” As of January 27, 2023, there were 24,402,891 shares of common stock outstanding, and approximately 136 holders of record, which includes nominees or broker dealers holding stock on behalf of beneficial owners.
In 2021 and 2022, our Board of Directors approved the following dividend payments per common shares:
6 unchanged sentences
Peer Group Performance Graph
−Removed: 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.
−Removed: (ATGE), Chegg, Inc.
+Added: The following performance graph compares the cumulative stockholder return on our common stock since December 31, 2017 with The NASDAQ Stock Market (U.S.) Index and a self-determined peer group consisting of 2U, Inc.
+Added: (TWOU), Adtalem Global Education, Inc.
+Added: (ATGE), Bright Horizons Family Solutions, Inc.
+Added: (BFAM), Chegg, Inc.
(CHGG), Graham Holdings Company (GHC), Grand Canyon Education, Inc.
−Removed: (LOPE), Houghton Mifflin Harcourt Company (HMHC), Stride Inc.
+Added: (LOPE), Stride Inc.
(formerly K12, Inc.) (LRN), Laureate Education, Inc.
−Removed: (LAUR), Pearson PLC (PSO), Perdoceo Education Corporation (PRDO), and Zovio, Inc.
+Added: (LAUR), Pearson PLC (PSO), and Perdoceo Education Corporation (PRDO).
+Added: The peer group no longer includes Houghton Mifflin Harcourt Company, which was acquired in April 2022, and Zovio Inc., which has dissolved and delisted its securities in December 2022.
At present, there is no comparative index for the education industry.
10 unchanged sentences
* The comparison assumes $100 was invested on December 31, 2017 in our common stock, the NASDAQ Stock Market (U.S.) Index, and the peer companies selected by us.
+Added: Cumulative stockholder return assumes reinvestment of dividends and the peer group cumulative stockholder return is weighted by market capitalization at the beginning of each year.
There were no sales by us of unregistered securities during the year ended December 31, 2022.
1 unchanged sentence
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.
−Removed: Our Board of Directors amended the program on various dates, increasing the repurchase amount authorized and extending the expiration date.
−Removed: At December 31, 2021, $250 million of the Company’s share repurchase authorization was remaining for repurchases through December 31, 2022.
+Added: Our Board of Directors amended the program on various dates, increasing the repurchase amount authorized and extending the expiration date, with the most recent extension being approved by our Board of Directors in November 2022.
All of our share repurchases have been effected in compliance with Rule 10b-18 under the Exchange Act.
1 unchanged sentence
Our share repurchase program may be modified, suspended, or terminated at any time by us without notice.
−Removed: A summary of our open market share repurchases since the inception of the plan is as follows:
−Removed: Total number of shares repurchased Average dollar price paid per share Cost of share repurchases
−Removed: 2003 32,350 $ 99.57 $ 3.2
−Removed: 2004 346,444 106.13 36.8
−Removed: 2005 410,071 92.59 38.0
−Removed: 2006 349,066 100.39 35.0
−Removed: 2007 260,818 146.05 38.1
−Removed: 2008 603,382 180.86 109.1
−Removed: 2009 451,613 177.34 80.1
−Removed: 2010 687,340 168.06 115.5
−Removed: 2011 1,581,444 128.15 202.7
−Removed: 2012 484,841 51.56 25.0
−Removed: 2013 495,085 50.49 25.0
−Removed: 2020 1,769 139.78 0.2
+Added: During the three months ended December 31, 2022, the Company paid $3.2 million to repurchase shares of common stock under its repurchase program.
+Added: At December 31, 2022, the Company’s remaining authorization for common stock repurchases was $246.8 million, and is available for use through December 31, 2023.
+Added: A summary of the Company’s share repurchases during the three months ended December 31, 2022 is set forth below:
+Added: Total number of shares purchased (1)
+Added: Average price paid per share Total number of shares purchased as part of publicly announced plans or programs Approximate dollar value of shares that may yet be purchased under the plans or programs ($ mil)
+Added: Beginning Balance (at 09/30/22) $ 213.1
+Added: October — $ — — 213.1
+Added: November 40,315 79.36 40,315 246.8
+Added: December — — — 246.8
+Added: Total (at 12/31/22) 40,315 $ 79.36 40,315 $ 246.8
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−Removed: Total 5,781,192 $ 123.61 $ 714.6
−Removed: We did not make any share repurchases in 2014 through 2019 or during the three months ended December 31, 2021 under our repurchase program.
−Removed: 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.
+Added: (1) The Company’s repurchase program was announced on November 3, 2003 for repurchases up to an aggregate amount of $15 million in value of common stock through December 31, 2004.
+Added: The Board of Directors amended the program on various dates increasing the amount authorized and extending the authorization date.
+Added: On November 2, 2022, the Board of Directors increased the amount authorized to $250.0 million for use through December 31, 2023.
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.