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 Market under the trading symbol "VRTS." As of February 12, 2021, we had 7,583,557 shares of common stock outstanding that were held by approximately 45,000 holders of record.
In making decisions regarding our quarterly dividend, we consider general economic and business conditions, our strategic plans and prospects, our businesses and investment opportunities, our financial condition and operating results, working capital requirements and anticipated cash needs, contractual restrictions and obligations, legal, tax, regulatory and other restrictions that may have implications on the payment of distributions by us to our common shareholders or by our subsidiaries to us, and such other factors as we may deem relevant. We cannot provide any assurances that any distributions, whether quarterly or otherwise, will continue to be paid in the future.
On February 3, 2020, 1,150,000 shares of mandatory convertible preferred stock ("MCPS") converted to 912,870 shares of the Company's common stock. Each share of MCPS converted to 0.7938 shares of common stock at a conversion price of $125.97 per share, subject to customary anti-dilution adjustments. The number of shares of common stock issued upon conversion was determined based on the volume-weighted average price per share of our common stock over the 20 consecutive trading day period beginning on, and including, the 22nd scheduled trading day immediately preceding the mandatory conversion date.
On February 24, 2021, our Board of Directors declared a quarterly cash dividend of $0.82 per common share to be paid on May 14, 2021 to shareholders of record at the close of business on April 30, 2021.
Issuer Purchases of Equity Securities
As of December 31, 2020, an aggregate of 4,930,045 shares of our common stock had been authorized to be repurchased under the share repurchase program originally approved by our Board of Directors in 2010, and 722,642 shares remain available for repurchase. Under the terms of the program, we may repurchase shares of our common stock from time to time at our discretion through open market repurchases, privately negotiated transactions and/or other mechanisms, depending on price and prevailing market and business conditions. The program, which has no specified term, may be suspended or terminated at any time.
During the year ended December 31, 2020, we repurchased a total of 279,796 common shares for approximately $32.5 million. The following table sets forth information regarding our share repurchases in each month during the quarter ended December 31, 2020:
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 (2) Maximum number of shares that may yet be purchased under the plans or programs (2)
October 1—31, 2020 3,545 $ 159.23 3,545 759,173
November 1—30, 2020 21,076 $ 178.27 21,076 738,097
December 1—31, 2020 15,455 $ 205.56 15,455 722,642
Total 40,076 40,076
(1) Average price paid per share is calculated on a settlement basis and excludes commissions.
(2) The share repurchases above were completed pursuant to a program announced in the fourth quarter of 2010 and most recently increased in May 2020. This repurchase program is not subject to an expiration date.
There were no unregistered sales of equity securities during the fourth quarter of fiscal 2020. Shares of our common stock purchased by participants in our Employee Stock Purchase Plan were delivered to participant accounts via open market purchases at fair value by the third-party administrator under the plan. We do not reserve shares for this plan or discount the purchase price of the shares.
18
Table of Contents
Item 6. Selected Financial Data.
The following table sets forth our selected consolidated financial and other data at the dates and for the periods indicated. The selected financial data should be read in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements and the notes thereto appearing elsewhere in this Annual Report on Form 10-K.
Years Ended December 31,
(in thousands, except per share data) 2020 (1) 2019 (1) 2018 (1) 2017 (2) 2016 (2)
Results of Operations
Revenues $ 603,896 $ 563,246 $ 552,235 $ 425,607 $ 322,554
Operating expenses 460,732 438,536 439,136 367,572 271,740
Operating income (loss) 143,164 124,710 113,099 58,035 50,814
Income tax expense (benefit) 43,935 35,177 32,961 40,490 21,044
Net income (loss) 119,963 105,508 76,080 39,939 48,763
Net income (loss) attributable to common stockholders 79,957 87,312 67,192 28,676 48,502
Earnings (loss) per share—basic 10.49 12.54 9.37 4.09 6.34
Earnings (loss) per share—diluted 10.02 11.74 8.86 3.96 6.20
Cash dividends declared per preferred share — 7.25 7.25 7.25 —
Cash dividends declared per common share 2.98 2.44 2.00 1.80 1.80
As of December 31,
(in thousands) 2020 (1) 2019 (1) 2018 (2) 2017 (2) 2016 (2)
Balance Sheet Data
Cash and cash equivalents $ 246,511 $ 221,781 $ 201,705 $ 132,150 $ 64,588
Investments 64,944 83,206 79,558 108,492 89,371
Investments of CIP 2,333,277 2,030,110 1,749,568 1,597,752 489,042
Goodwill and other intangible assets, net 570,630 600,757 629,178 472,107 45,215
Total assets 3,466,943 3,204,634 2,870,535 2,590,799 824,388
Accrued compensation and benefits 122,514 101,377 93,339 86,658 47,885
Debt 201,212 277,839 329,184 248,320 30,000
Notes payable of CIP 2,190,445 1,834,535 1,620,260 1,457,435 328,761
Total liabilities 2,630,490 2,454,532 2,169,187 1,981,397 465,449
Redeemable noncontrolling interests 115,513 63,845 57,481 4,178 37,266
Mandatory convertible preferred stock — 110,843 110,843 110,843 —
Total equity 720,940 686,257 643,867 605,224 321,673
As of December 31,
(in millions) 2020 2019 2018 2017 2016
Assets Under Management
Total assets under management $ 132,194 $ 108,904 $ 92,030 $ 90,963 $ 45,366
Total long-term assets under management $ 130,706 $ 107,726 $ 90,417 $ 88,835 $ 45,366
(1) Derived from audited consolidated financial statements included elsewhere in this Annual Report on Form 10-K.
(2) Derived from audited consolidated financial statements not included in this Annual Report on Form 10-K.
19
Table of Contents