Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR THE 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 TILE. As of February 16, 2024, we had 578 holders of record of our common stock. We estimate that there are in excess of 11,000 beneficial holders of our common stock.
Future declaration and payment of dividends is at the discretion of our Board, and depends upon, among other things, our investment policy and opportunities, results of operations, financial condition, cash requirements, future prospects, and other factors that may be considered relevant by our Board at the time of its determination. Such other factors include limitations contained in the agreement for our Syndicated Credit Facility and the indenture for our Senior Notes, each of which specify conditions as to when any dividend payments may be made. As such, we may discontinue our dividend payments in the future if our Board determines that a cessation of dividend payments is proper in light of the factors indicated above.
Stock Performance
The following graph and table compare, for the period comprised of the Company’s five preceding fiscal years ended December 31, 2023, the Company’s total returns to shareholders (assuming all dividends were reinvested) with that of (i) all companies listed on the Nasdaq Composite Index, (ii) our previous self-determined peer group, and (iii) our new self-determined peer group, assuming an initial investment of $100 in each on December 30, 2018 (the last day of the fiscal year 2018). In 2023, the Company updated its self-determined peer group to exclude Kimball International, Inc., which was acquired in 2023 and no longer trades publicly, and also to incorporate other peer group changes to align with the peer group used to measure executive compensation. In determining its peer group companies, the Company considered various factors, including the potential peer’s industry, business model, size and complexity. The Company chose a peer group that is a better representation of the Company’s size and market capitalization with minimal revenue dispersion, and with companies in similar industries or lines of business or subject to similar economic and business cycles, including companies with a significant international presence that are also focused on sustainability.
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December 30, 2018 December 29, 2019 January 3, 2021 January 2, 2022 January 1, 2023 December 31, 2023
Interface, Inc. $100 $118 $76 $115 $72 $92
NASDAQ Composite Index $100 $138 $199 $243 $164 $238
Previous Self-Determined Peer Group (16 Stocks)
$100 $132 $122 $166 $123 $150
New Self-Determined Peer Group (12 Stocks)
$100 $135 $114 $141 $91 $135
Notes to Performance Graph
(1) If the annual interval, based on the fiscal year-end, is not a trading day, the preceding trading day is used.
(2) The index level was set to $100 as of December 30, 2018 (the last day of fiscal year 2018).
(3) The Company’s fiscal year ends on the Sunday nearest December 31.
(4) The following companies are included in the Previous Self-Determined Peer Group depicted above: Acuity Brands, Inc.; Albany International Corp.; Apogee Enterprises, Inc.; Armstrong World Industries, Inc.; Caesarstone Ltd.; Enviri Corporation (formerly Harsco Corporation); Gentherm Incorporated; Glatfelter Corporation; H. B. Fuller Company; HNI Corporation; Kimball International, Inc.; Masonite International Corporation; Materion Corporation; MillerKnoll, Inc.; Steelcase Inc.; and Unifi, Inc. Kimball International, Inc. is included as a peer for periods prior to its acquisition in 2023.
(5) The following companies are included in the New Self-Determined Peer Group depicted above: ACCO Brands Corporation; Apogee Enterprises, Inc.; Armstrong World Industries, Inc.; Enviri Corporation (formerly Harsco Corporation); Glatfelter Corporation; HNI Corporation; MillerKnoll, Inc.; PGT Innovations, Inc.; SP Plus Corporation; Steelcase Inc.; Unifi, Inc.; and VSE Corporation.
Securities Authorized for Issuance Under Equity Compensation Plans
See Item 12 of Part III of this Annual Report on Form 10-K.
Issuer Purchases of Equity Securities
The following table contains information with respect to purchases made by or on behalf of the Company, or any “affiliated purchaser” (as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934), of our common stock during our fourth quarter ended December 31, 2023:
Period (1)
Total
Number of
Shares
Purchased Average
Price
Paid
Per Share Total Number
of Shares Purchased
as Part of Publicly Announced Plans or Programs (2)
Approximate Dollar Value of Shares that
May Yet Be
Purchased Under the
Plans or Programs (2)
October 2, 2023 – October 29, 2023
— $ — — $ 82,828,595
October 30, 2023 – December 3, 2023
— — — 82,828,595
December 4, 2023 – December 31, 2023
— — — 82,828,595
Total — $ — —
(1) The monthly periods identified above correspond to the Company’s fiscal fourth quarter of 2023, which commenced October 2, 2023 and ended December 31, 2023.
(2) On May 17, 2022, the Company announced a share repurchase program authorizing the repurchase of up to $100 million of common stock. The program has no specific expiration date. There were no shares repurchased pursuant to this program during the Company’s fiscal fourth quarter of 2023.
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ITEM 6. [RESERVED]
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