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Our Common Stock is listed on the Nasdaq Global Market under the symbol WLFC.
−Removed: As of March 7, 2023, there were approximately 2,000 shareholders of record of our Common Stock.
+Added: As of March 4, 2024, there were 2,809 shareholders of record of our Common Stock.
We have not made any dividend payments to our common shareholders since our inception as all available cash has been utilized for the business.
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In addition, certain of our debt facilities contain negative covenants which, in certain situations, prohibit us from paying any dividends or making distributions of any kind with respect to our common stock.
−Removed: The Series A-1 and Series A-2 Preferred Stock carry a quarterly dividend at the rate per annum of 6.5% per share, with a $20.00 liquidation preference per share.
+Added: The Company’s Series A-1 Preferred Stock accrued quarterly dividends at the rate per annum of 6.5% per share through October 15, 2023 and accrue quarterly dividends at the rate per annum of 8.5% per share thereafter.
+Added: The Company’s Series A-2 Preferred Stock accrue quarterly dividends at the rate per annum of 6.5% per share.
+Added: The Series A-1 and Series A-2 Preferred Stock have a $20.00 liquidation preference per share.
The following table outlines our Equity Compensation Plan Information:
14 unchanged sentences
2023 Stock Incentive Plan — n/a 2,052,796
−Removed: 2021 Stock Incentive Plan — n/a 637,896
Total — n/a 2,156,502
−Removed: The 2007 Stock Incentive Plan (the “2007 Plan”) was adopted in May 2007.
−Removed: Under this 2007 Plan, a total of 2,800,000 shares were authorized for stock-based compensation available in the form of either restricted stock awards (“RSAs”) or stock options.
−Removed: The RSAs are subject to service-based vesting, typically between one and four years, in which a specific period of continued employment must pass before an award vests.
−Removed: The expense associated with these awards is recognized on a straight-line basis over the respective vesting period, with forfeitures accounted for as they occur.
−Removed: For any vesting tranche of an award, the cumulative amount of compensation cost recognized is equal to the portion of the grant‑date fair value of the award tranche that is actually vested at that date.
−Removed: As of December 31, 2022, there were no stock options outstanding under the 2007 Plan.
−Removed: The 2018 Stock Incentive Plan (the “2018 Plan”) was adopted in May 2018.
−Removed: Under this 2018 Plan, a total of 800,000 shares were authorized for stock-based compensation, plus the number of shares remaining under the 2007 Plan and any future forfeited awards under the 2007 Plan, in the form of RSAs.
−Removed: In November 2021, the 2018 Plan was amended and restated as the 2021 Stock Incentive Plan (the “2021 Plan”) to increase the number of shares reserved for issuance under the 2021 Plan by 1,000,000 shares.
−Removed: The RSAs are subject to either service-based vesting, which is typically between one and four years, in which a specific period of continued employment must pass before an award vests, or performance-based vesting, which is typically over one year.
+Added: The 2023 Incentive Stock Plan (the “2023 Plan”) amended and restated the prior 2021 Incentive Stock Plan.
+Added: The 2023 Plan authorized 1,750,000 shares for issuance, plus the number of shares remaining for issuance under the prior stock plan and any future forfeited awards under the prior plan.
+Added: Stock-based compensation is in the form of restricted stock awards (“RSAs”).
+Added: The RSAs are subject to either service-based vesting, which is typically between one and four years, in which a specific period of continued employment must pass before an award vests, or performance-based vesting, which is typically between one and two years.
The expense associated with these awards is recognized on a straight-line basis over the respective vesting period, with forfeitures accounted for as they occur.
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The fair value of the restricted stock awards equaled the stock price at the grant date.
−Removed: At its October 26, 2022 meeting, the Board of Directors approved the renewal of the existing common stock repurchase plan which allows for repurchases of up to $60.0 million of the Company's common stock, extending the plan through December 31, 2024.
+Added: In October 2022, the Board of Directors approved the renewal of the existing common stock repurchase plan which allows for repurchases of up to $60.0 million of the Company’s common stock, extending the plan through December 31, 2024.
Repurchased shares are immediately retired.
−Removed: During 2022, the Company repurchased 154,215 shares of common stock for approximately $5.2 million at a weighted average price of $33.98.
+Added: During 2023, no shares were repurchased.
+Added: During 2022, the Company repurchased 154,215 shares of common stock for approximately $5.2 million under the plan, at a weighted average price of $33.98 per share.
At December 31, 2023, approximately $39.6 million was available to purchase shares under the plan.
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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.