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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
|
☒
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
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FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2022
or
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☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
|
FOR THE TRANSITION PERIOD
FROM
TO
Commission File Number:
001-12251
AMERISAFE, INC.
(Exact Name of Registrant as Specified in Its Charter)
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Texas
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75-2069407
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(State of Incorporation)
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(I.R.S. Employer Identification Number)
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2301 Highway 190 West, DeRidder, Louisiana
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70634
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(Address of Principal Executive Offices)
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(Zip Code)
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Registrant’s telephone number, including area code:
(337) 463-9052
Securities registered pursuant to Section 12(b) of the
Act:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common
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AMSF
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NASDAQ
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Indicate by check mark whether the Registrant: (1) has filed
all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the Registrant was required to file
such reports), and (2) has been subject to such filing
requirements for the past
90 days. Yes ☒ No ☐
Indicate by check mark whether the Registrant has submitted
electronically every Interactive Data File required to be submitted
pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter)
during the preceding 12 months (or for such shorter period that the
Registrant was required to submit such
files). Yes ☒ No ☐
Indicate by check mark whether the Registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, a
smaller reporting company, or an emerging growth company. See the
definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule
12b-2 of the Exchange Act.
|
Large accelerated filer
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|
☒
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|
Accelerated filer
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|
☐
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|
Non-accelerated filer
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|
☐
|
|
Smaller reporting company
|
|
☐
|
|
|
|
|
|
Emerging growth company
|
|
☐
|
If an emerging growth company, indicate by check mark if the
Registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange
Act. ☐
Indicate by check mark whether the Registrant is a shell company
(as defined in Rule 12b-2 of the Exchange
Act). Yes ☐
No ☒
As of July 22, 2022, there were 19,283,980 shares of the
Registrant’s common stock, par value $0.01 per share,
outstanding.
TABLE OF CONTENTS
2
FORWARD-LOOKING STATEMENTS
This report contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and 21E of the
Securities Exchange Act of 1934. You should not place undue
reliance on these statements. These forward-looking statements
include statements that reflect the current views of our senior
management with respect to our financial performance and future
events with respect to our business and the insurance industry in
general. Statements that include the words “expect,” “intend,”
“plan,” “believe,” “project,” “forecast,” “estimate,” “may,”
“should,” “anticipate” and similar statements of a future or
forward-looking nature identify forward-looking statements.
Forward-looking statements address matters that involve risks and
uncertainties. Accordingly, there are or will be important factors
that could cause our actual results to differ materially from those
indicated in these statements. We believe that these factors
include, but are not limited to, the following:
|
|
•
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the cyclical nature of the workers’
compensation insurance industry;
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|
•
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increased competition on the basis of
types of insurance offered, premium rates, coverage availability,
payment terms, claims management, safety services, policy terms,
overall financial strength, financial ratings and
reputation;
|
|
|
•
|
changes in relationships with
independent agencies (including retail and wholesale brokers and
agents);
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|
|
•
|
general economic conditions, including
recession, inflation, performance of financial markets, interest
rates, unemployment rates and fluctuating asset values;
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|
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•
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developments in capital markets that
adversely affect the performance of our investments;
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|
|
•
|
technology breaches or failures,
including those resulting from a malicious cyber attack on the
Company or its policyholders and service providers;
|
|
|
•
|
decreased level of business activity
of our policyholders caused by decreased business activity
generally, and in particular in the industries we
target;
|
|
|
•
|
greater frequency or severity of
claims and loss activity than our underwriting, reserving or
investment practices anticipate based on historical experience or
industry data;
|
|
|
•
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adverse developments in economic,
competitive, judicial or regulatory conditions within the workers’
compensation insurance industry;
|
|
|
•
|
loss of the services of any of our
senior management or other key employees;
|
|
|
•
|
the impact of pandemics on the
business operations of our insurance subsidiaries and
policyholders, the value of our investments, and our revenues,
results of operations and cash flows;
|
|
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•
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changes in regulations, laws, rates,
rating factors, or taxes applicable to the Company, its
policyholders or the agencies that sell its insurance;
|
|
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•
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changes in current accounting
standards or new accounting standards;
|
|
|
•
|
changes in legal theories of liability
under our insurance policies;
|
|
|
•
|
changes in rating agency policies,
practices or ratings;
|
|
|
•
|
changes in the availability, cost or
quality of reinsurance and the failure of our reinsurers to pay
claims in a timely manner or at all;
|
|
|
•
|
the effects of U.S. involvement in
hostilities with other countries and large-scale acts of terrorism,
or the threat of hostilities or terrorist acts; and
|
|
|
•
|
other risks and uncertainties
described from time to time in the Company’s filings with the
Securities and Exchange Commission (SEC).
|
The foregoing factors should not be construed as exhaustive and
should be read together with the other cautionary statements in
this report, and under the caption “Risk Factors” in Item 1A of our
Annual Report on Form 10-K for the year ended December 31,
2021. If one or more events related to these or other risks or
uncertainties materialize, or if our underlying assumptions prove
to be incorrect, actual results may differ materially from what we
anticipate.
3
PART I -
FINANCIAL INFORMATION
Item 1.
Financial Statements.
AMERISAFE, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
|
|
|
June 30, 2022
|
|
|
December 31, 2021
|
|
|
|
|
(unaudited)
|
|
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|
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Assets
|
|
|
|
|
|
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|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
Fixed maturity securities—held-to-maturity, at amortized cost net
of allowance
for credit losses of $276 and $195 in 2022 and 2021,
respectively,
(fair value $525,637 and $575,850 in 2022 and 2021,
respectively)
|
|
$
|
541,297
|
|
|
$
|
549,231
|
|
|
Fixed maturity securities—available-for-sale, at fair value
(amortized cost $341,297, allowance for credit losses
of $0 in 2022
and amortized cost $324,597, allowance for credit
losses of $0 in 2021)
|
|
|
330,135
|
|
|
|
341,769
|
|
|
Equity securities, at fair value
(cost $49,422 and $44,175 in 2022 and 2021,
respectively)
|
|
|
60,485
|
|
|
|
64,140
|
|
|
Short-term investments
|
|
|
34,483
|
|
|
|
57,431
|
|
|
Total investments
|
|
|
966,400
|
|
|
|
1,012,571
|
|
|
Cash and cash equivalents
|
|
|
85,318
|
|
|
|
70,722
|
|
|
Amounts recoverable from reinsurers
(net of allowance for credit losses of $369 and $440
in 2022 and 2021, respectively)
|
|
|
118,575
|
|
|
|
120,561
|
|
|
Premiums receivable
(net of allowance for credit losses of $4,746 and
$4,386 in 2022 and 2021, respectively)
|
|
|
143,307
|
|
|
|
135,100
|
|
|
Deferred income taxes
|
|
|
21,927
|
|
|
|
14,384
|
|
|
Accrued interest receivable
|
|
|
8,228
|
|
|
|
8,080
|
|
|
Property and equipment, net
|
|
|
6,889
|
|
|
|
6,459
|
|
|
Deferred policy acquisition costs
|
|
|
18,103
|
|
|
|
17,059
|
|
|
Federal income tax recoverable
|
|
|
289
|
|
|
|
6,414
|
|
|
Other assets
|
|
|
12,884
|
|
|
|
11,374
|
|
|
Total assets
|
|
$
|
1,381,920
|
|
|
$
|
1,402,724
|
|
|
Liabilities and shareholders’ equity
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
Reserves for loss and loss adjustment expenses
|
|
$
|
724,891
|
|
|
$
|
745,278
|
|
|
Unearned premiums
|
|
|
130,224
|
|
|
|
121,092
|
|
|
Amounts held for others
|
|
|
46,112
|
|
|
|
42,915
|
|
|
Policyholder deposits
|
|
|
37,632
|
|
|
|
39,383
|
|
|
Insurance-related assessments
|
|
|
18,566
|
|
|
|
16,850
|
|
|
Accounts payable and other liabilities
|
|
|
37,868
|
|
|
|
37,883
|
|
|
Payable for investments purchased
|
|
|
1,638
|
|
|
|
—
|
|
|
Total liabilities
|
|
|
996,931
|
|
|
|
1,003,401
|
|
|
Shareholders’ equity:
|
|
|
|
|
|
|
|
|
|
Common stock: voting—$0.01 par value authorized
shares—50,000,000
in 2022 and 2021; 20,676,474 and 20,622,304 shares
issued; and 19,296,632
and 19,364,054 shares outstanding in 2022 and 2021,
respectively
|
|
|
207
|
|
|
|
206
|
|
|
Additional paid-in capital
|
|
|
219,744
|
|
|
|
217,458
|
|
|
Treasury stock, at cost (1,379,842 and 1,258,250 shares in 2022 and
2021,
respectively)
|
|
|
(28,071
|
)
|
|
|
(22,370
|
)
|
|
Accumulated earnings
|
|
|
201,983
|
|
|
|
190,492
|
|
|
Accumulated other comprehensive income (loss), net
|
|
|
(8,874
|
)
|
|
|
13,537
|
|
|
Total shareholders’ equity
|
|
|
384,989
|
|
|
|
399,323
|
|
|
Total liabilities and shareholders’ equity
|
|
$
|
1,381,920
|
|
|
$
|
1,402,724
|
|
See accompanying notes.
4
AMERISAFE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share and per share data)
(unaudited)
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross premiums written
|
|
$
|
74,460
|
|
|
$
|
73,724
|
|
|
$
|
152,251
|
|
|
$
|
155,238
|
|
|
Ceded premiums written
|
|
|
(2,725
|
)
|
|
|
(2,486
|
)
|
|
|
(5,284
|
)
|
|
|
(5,003
|
)
|
|
Net premiums written
|
|
$
|
71,735
|
|
|
$
|
71,238
|
|
|
$
|
146,967
|
|
|
$
|
150,235
|
|
|
Net premiums earned
|
|
$
|
70,279
|
|
|
$
|
69,888
|
|
|
$
|
137,835
|
|
|
$
|
140,634
|
|
|
Net investment income
|
|
|
6,485
|
|
|
|
6,730
|
|
|
|
12,598
|
|
|
|
13,313
|
|
|
Net realized gains on investments
|
|
|
1,079
|
|
|
|
1,179
|
|
|
|
1,817
|
|
|
|
1,498
|
|
|
Net unrealized gains (losses) on equity securities
|
|
|
(9,942
|
)
|
|
|
3,286
|
|
|
|
(8,902
|
)
|
|
|
8,797
|
|
|
Fee and other income
|
|
|
135
|
|
|
|
74
|
|
|
|
248
|
|
|
|
266
|
|
|
Total revenues
|
|
|
68,036
|
|
|
|
81,157
|
|
|
|
143,596
|
|
|
|
164,508
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss and loss adjustment expenses incurred
|
|
|
40,326
|
|
|
|
32,423
|
|
|
|
78,067
|
|
|
|
71,940
|
|
|
Underwriting and certain other operating costs
|
|
|
7,684
|
|
|
|
6,339
|
|
|
|
11,674
|
|
|
|
13,266
|
|
|
Commissions
|
|
|
5,453
|
|
|
|
5,309
|
|
|
|
10,661
|
|
|
|
10,783
|
|
|
Salaries and benefits
|
|
|
6,776
|
|
|
|
6,807
|
|
|
|
12,691
|
|
|
|
13,373
|
|
|
Policyholder dividends
|
|
|
688
|
|
|
|
1,117
|
|
|
|
1,877
|
|
|
|
2,467
|
|
|
Provision for investment related credit loss expense (benefit)
|
|
|
(14
|
)
|
|
|
(9
|
)
|
|
|
81
|
|
|
|
(117
|
)
|
|
Total expenses
|
|
|
60,913
|
|
|
|
51,986
|
|
|
|
115,051
|
|
|
|
111,712
|
|
|
Income before income taxes
|
|
|
7,123
|
|
|
|
29,171
|
|
|
|
28,545
|
|
|
|
52,796
|
|
|
Income tax expense
|
|
|
991
|
|
|
|
5,404
|
|
|
|
5,082
|
|
|
|
9,717
|
|
|
Net income
|
|
$
|
6,132
|
|
|
$
|
23,767
|
|
|
$
|
23,463
|
|
|
$
|
43,079
|
|
|
Earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.32
|
|
|
$
|
1.23
|
|
|
$
|
1.22
|
|
|
$
|
2.23
|
|
|
Diluted
|
|
$
|
0.32
|
|
|
$
|
1.23
|
|
|
$
|
1.21
|
|
|
$
|
2.22
|
|
|
Shares used in computing earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
19,273,934
|
|
|
|
19,327,422
|
|
|
|
19,302,805
|
|
|
|
19,319,608
|
|
|
Diluted
|
|
|
19,332,168
|
|
|
|
19,380,611
|
|
|
|
19,367,085
|
|
|
|
19,384,078
|
|
|
Cash dividends declared per common share
|
|
$
|
0.31
|
|
|
$
|
0.29
|
|
|
$
|
0.62
|
|
|
$
|
0.58
|
|
See accompanying notes.
5
AMERISAFE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands)
(unaudited)
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
|
Net income
|
|
$
|
6,132
|
|
|
$
|
23,767
|
|
|
$
|
23,463
|
|
|
$
|
43,079
|
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain (loss) on debt securities, net of tax
|
|
|
(8,931
|
)
|
|
|
891
|
|
|
|
(22,411
|
)
|
|
|
(4,157
|
)
|
|
Comprehensive income (loss)
|
|
$
|
(2,799
|
)
|
|
$
|
24,658
|
|
|
$
|
1,052
|
|
|
$
|
38,922
|
|
See accompanying notes.
6
AMERISAFE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
Three Months Ended June 30, 2022 and 2021
(in thousands, except share data)
(unaudited)
|
|
|
Common Stock
|
|
|
Additional
Paid-In
|
|
|
Treasury Stock
|
|
|
Accumulated
|
|
|
Accumulated
Other
Comprehensive
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Amounts
|
|
|
Capital
|
|
|
Shares
|
|
|
Amounts
|
|
|
Earnings
|
|
|
Income (Loss)
|
|
|
Total
|
|
|
Balance at March 31, 2022
|
|
|
20,622,565
|
|
|
$
|
206
|
|
|
$
|
217,605
|
|
|
|
(1,302,143
|
)
|
|
$
|
(24,429
|
)
|
|
$
|
201,834
|
|
|
$
|
57
|
|
|
$
|
395,273
|
|
|
Comprehensive loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
6,132
|
|
|
|
—
|
|
|
|
6,132
|
|
|
Other comprehensive
loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in unrealized
gains on debt
securities, net of tax
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(8,931
|
)
|
|
|
(8,931
|
)
|
|
Comprehensive loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,799
|
)
|
|
Common stock issued
|
|
|
53,909
|
|
|
|
1
|
|
|
|
1,969
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,970
|
|
|
Purchase of treasury stock
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(77,699
|
)
|
|
|
(3,642
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(3,642
|
)
|
|
Share-based compensation
|
|
|
—
|
|
|
|
—
|
|
|
|
170
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
170
|
|
|
Dividends to shareholders
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(5,983
|
)
|
|
|
—
|
|
|
|
(5,983
|
)
|
|
Balance at June 30, 2022
|
|
|
20,676,474
|
|
|
$
|
207
|
|
|
$
|
219,744
|
|
|
|
(1,379,842
|
)
|
|
$
|
(28,071
|
)
|
|
$
|
201,983
|
|
|
$
|
(8,874
|
)
|
|
$
|
384,989
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock
|
|
|
Additional
Paid-In
|
|
|
Treasury Stock
|
|
|
Accumulated
|
|
|
Accumulated
Other
Comprehensive
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Amounts
|
|
|
Capital
|
|
|
Shares
|
|
|
Amounts
|
|
|
Earnings
|
|
|
Income
|
|
|
Total
|
|
|
Balance at March 31, 2021
|
|
|
20,589,309
|
|
|
$
|
206
|
|
|
$
|
215,468
|
|
|
|
(1,258,250
|
)
|
|
$
|
(22,370
|
)
|
|
$
|
238,351
|
|
|
$
|
15,971
|
|
|
$
|
447,626
|
|
|
Comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
23,767
|
|
|
|
—
|
|
|
|
23,767
|
|
|
Other comprehensive
loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in unrealized
gains on debt
securities, net of tax
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
891
|
|
|
|
891
|
|
|
Comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,658
|
|
|
Common stock issued
|
|
|
32,995
|
|
|
|
—
|
|
|
|
1,563
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,563
|
|
|
Share-based compensation
|
|
|
—
|
|
|
|
—
|
|
|
|
134
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
134
|
|
|
Dividends to shareholders
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(5,615
|
)
|
|
|
—
|
|
|
|
(5,615
|
)
|
|
Balance at June 30, 2021
|
|
|
20,622,304
|
|
|
$
|
206
|
|
|
$
|
217,165
|
|
|
|
(1,258,250
|
)
|
|
$
|
(22,370
|
)
|
|
$
|
256,503
|
|
|
$
|
16,862
|
|
|
$
|
468,366
|
|
See accompanying notes.
7
AMERISAFE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
Six Months Ended June 30, 2022 and 2021
(in thousands, except share data)
(unaudited)
|
|
|
Common Stock
|
|
|
Additional
Paid-In
|
|
|
Treasury Stock
|
|
|
Accumulated
|
|
|
Accumulated
Other
Comprehensive
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Amounts
|
|
|
Capital
|
|
|
Shares
|
|
|
Amounts
|
|
|
Earnings
|
|
|
Income (Loss)
|
|
|
Total
|
|
|
Balance at December 31, 2021
|
|
|
20,622,304
|
|
|
$
|
206
|
|
|
$
|
217,458
|
|
|
|
(1,258,250
|
)
|
|
$
|
(22,370
|
)
|
|
$
|
190,492
|
|
|
$
|
13,537
|
|
|
$
|
399,323
|
|
|
Comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
23,463
|
|
|
|
—
|
|
|
|
23,463
|
|
|
Other comprehensive
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in unrealized
gains on debt
securities, net of tax
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(22,411
|
)
|
|
|
(22,411
|
)
|
|
Comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,052
|
|
|
Common stock issued
|
|
|
54,170
|
|
|
|
1
|
|
|
|
1,969
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,970
|
|
|
Purchase of treasury stock
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(121,592
|
)
|
|
|
(5,701
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(5,701
|
)
|
|
Share-based compensation
|
|
|
—
|
|
|
|
—
|
|
|
|
317
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
317
|
|
|
Dividends to shareholders
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(11,972
|
)
|
|
|
—
|
|
|
|
(11,972
|
)
|
|
Balance at June 30, 2022
|
|
|
20,676,474
|
|
|
$
|
207
|
|
|
$
|
219,744
|
|
|
|
(1,379,842
|
)
|
|
$
|
(28,071
|
)
|
|
$
|
201,983
|
|
|
$
|
(8,874
|
)
|
|
$
|
384,989
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock
|
|
|
Additional
Paid-In
|
|
|
Treasury Stock
|
|
|
Accumulated
|
|
|
Accumulated
Other
Comprehensive
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Amounts
|
|
|
Capital
|
|
|
Shares
|