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
VSE common stock, par value $0.05 per share, is traded on the NASDAQ Global Select Market ("NASDAQ"), trading symbol, "VSEC."
Common Stock - Dividend Paid Per Share
Dividend Paid Per Share
Quarter Ended 2020 2019
March 31 $ 0.09 $ 0.08
June 30 0.09 0.09
September 30 0.09 0.09
December 31 0.09 0.09
For the Year $ 0.36 $ 0.35
Holders
As o f February 1, 2021, VSE common stock, par value $0.05 per share, was held by approximately 226 stockholders of record. The number of stockholders of record is not representative of the number of beneficial holders because many of VSE's shares are held by depositories, brokers or nominees.
Dividends
Pursuant to our bank loan agreement, as discussed in Note (8) "Debt" to our Consolidated Financial Statements included in Item 8 of this annual report on Form 10-K, the payment of cash dividends is subject to annual restrictions. We have paid cash dividends each year since 1973 and have increased our dividend each year since 2004.
Certain Sales and Repurchases of VSE Common Stock
During the fiscal year covered by this Form 10-K, VSE did not sell any of its equity securities that were not registered under the Securities Act. During the fourth quarter of the fiscal year covered by this Form 10-K, no purchases of equity securities of VSE were made by or on behalf of VSE or any "affiliated purchaser" (as defined in Rule 10b-18 (a)(3) under the Exchange Act) other than 25,859 shares of our restricted common stock that were voluntarily forfeited to VSE by participants in its 2006 Restricted Stock Plan to cover their personal tax liability for restricted stock awards under the VSE Corporation 2006 Restricted Stock Plan (the "2006 Restricted Stock Plan").
Equity Compensation Plan Information
We have one compensation plan approved by our stockholders under which our equity securities are authorized for issuance to employees and directors: the 2006 Restricted Stock Plan. The following table sets forth the amounts of securities authorized for issuance under the 2006 Restricted Stock Plan as of December 31, 2020.
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Plan Category Number of securities to be issued upon exercise of outstanding options, warrants and rights Weighted-average exercise price of outstanding options, warrants and rights Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))
(a) (b) (c)
Equity compensation plans approved by security holders — $ — 725,945
Equity compensation plans not approved by security holders — $ — —
Total — $ — 725,945
See Note (10) "Stock-Based Compensation Plans" to our Consolidated Financial Statements included in Item 8 of this annual report on Form 10-K for additional information regarding the 2006 Restricted Stock Plan.
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Performance Graph
Set forth below is a line graph comparing the cumulative total return of VSE common stock with (a) a performance index for the broad market, the NASDAQ Global Select Market, on which VSE common stock is traded and (b) a the Company's peer group which is comprised of other public companies that operate in industries or lines of businesses similar to ours. These companies include Heico Corporation, Dorman Products, Inc., Navistar International Corporation, Vectrus, Inc., ManTech International Corporation, and CACI International Inc.
The companies in the Peer Group have been weighted based on their relative market capitalization each year. The graph assumes that $100 was invested in our then outstanding common stock, the NASDAQ and the Peer Group index at the beginning of the five-year period and that all dividends were reinvested. The comparisons are not intended to be indicative of future performance of our common stock.
*$100 invested on 12/31/15 in stock or index, including reinvestment of dividends.
Fiscal year ending December 31.
Performance Graph Table
2015 2016 2017 2018 2019 2020
VSE 100 125.82 157.85 98.18 126.24 129.43
NASDAQ Composite 100 108.87 141.13 137.12 187.44 271.64
Peer Group 100 163.24 193.41 199.86 274.02 315.43
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ITEM 6. Selected Financial Data
This consolidated summary of selected financial data should be read in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in Item 7 of this Form 10-K and with the Consolidated Financial Statements and related Notes included in Item 8 of this Form 10-K. Results for reporting periods beginning after January 1, 2018 are presented under the adoption of Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606) , while prior period amounts are not adjusted and continue to be reported in accordance with previous guidance. Effective January 1, 2019, we adopted ASU 2016-02 , Leases (Topic 842) , prior periods were not restated for the adoption of ASU 2016-02. The historical results set forth in this Item 6 are not necessarily indicative of VSE's future results of operations.
(in thousands, except per share data)
Years ended December 31,
2020 2019 2018 2017 2016
Revenues $ 661,659 $ 752,627 $ 697,218 $ 760,113 $ 691,790
Net (loss) income (1)
$ (5,171) $ 37,024 $ 35,080 $ 39,096 $ 26,793
Basic earnings per share:
Net (loss) income (1)
$ (0.47) $ 3.38 $ 3.23 $ 3.61 $ 2.48
Diluted earnings per share:
Net (loss) income (1)
$ (0.47) $ 3.35 $ 3.21 $ 3.60 $ 2.47
Cash dividends per common share $ 0.36 $ 0.35 $ 0.31 $ 0.270 $ 0.235
(1) Net income and basic and diluted earnings per share prior to 2017 were not impacted by the Tax Cuts and Jobs Act.
As of December 31,
2020 2019 2018 2017 2016
Working capital $ 215,729 $ 191,158 $ 176,342 $ 134,563 $ 110,021
Total assets $ 780,081 $ 845,864 $ 638,828 $ 629,013 $ 661,839
Long-term debt $ 230,714 $ 253,128 $ 151,133 $ 165,614 $ 193,621
Long-term operating lease obligations $ 22,815 $ 24,441 $ — $ — $ —
Long-term lease obligations $ — $ — $ 18,913 $ 20,581 $ 21,959
Stockholders' equity $ 356,317 $ 363,101 $ 328,395 $ 293,095 $ 255,194
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