Annual report pursuant to Section 13 and 15(d)

Stockholders' Equity

v3.20.4
Stockholders' Equity
 12 Months Ended
Dec. 31, 2020
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
Convertible Preferred Stock
The Company did not have any convertible preferred stock issued and outstanding as of December 31, 2020 and 2019.
The Company did not declare or pay any dividends in 2020, 2019 or 2018.
Common Stock
The Company has reserved sufficient shares of common stock for issuance upon the exercise of stock options and the exercise of warrants. Common stockholders are entitled to dividends if and when declared by the board of directors, subject to the prior rights of the preferred stockholders. As of December 31, 2020, no common stock dividends had been declared by the board of directors.
The Company has reserved shares of common stock for issuance as follows (in thousands):
December 31,
2020 2019
Stock plans
Shares available for grant
Vivint's 2014 Equity Incentive Plan 8,940  — 
2015 Equity Incentive Plan
 15,033  14,828 
2015 Employee Stock Purchase Plan
 8,216  6,522 
Options outstanding
 8,019  10,784 
Restricted stock units outstanding
 7,103  3,943 
Total
 47,311  36,077 
Stock Repurchase Program
In November 2019, the Company's board of directors approved a stock repurchase program authorizing the Company to repurchase up to $50.0 million of its common stock from time to time over the next three years. Stock repurchases under this program may be made through open market transactions, negotiated purchases or otherwise, at times and in such amounts as the Company considers appropriate and in accordance with applicable regulations of the Securities and Exchange Commission. The timing of repurchases and the number of shares repurchased will depend on a variety of factors including price, regulatory requirements, and other market conditions. The Company may limit, amend, suspend, or terminate the stock repurchase program at any time without prior notice. Any shares repurchased under the program will be returned to the status of authorized, but unissued shares of common stock. During 2019, the Company repurchased 368,996 shares for approximately $5.0 million. There were no such repurchases in 2020.