18. Subsequent Event

Quarterly Dividend Declaration

On July 1, 2020, the Board of Directors of the Company declared a cash dividend of $0.10 per share with a payment date of July 31, 2020 to holders of the Company’s common stock of record at the close of business on July 15, 2020. The declaration and payment of future dividends under the quarterly dividend policy will be at the discretion of the Board of Directors and will depend upon many factors, including the Company’s earnings, capital requirements, financial conditions, the terms of the Company’s indebtedness and other factors that the Board of Directors may deem to be relevant. The Board may amend, revoke or suspend the dividend policy at any time and for any reason.