Note 8 - Stockholders' Equity

12 Months Ended

Dec. 31, 2015

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

(8) Stockholders’ Equity

Class A and Class B Common Stock

The shares of Class A common stock are not convertible into any other series or class of our securities. Each share of Class B common stock, however, is freely convertible into one share of Class A common stock at the option of the holder of the Class B common stock. All shares of Class B common stock shall automatically convert to shares of Class A common stock (on a share-for-share basis, subject to adjustment) on the earliest record date for an annual meeting of our stockholders on which the number of shares of Class B common stock outstanding is less than 1% of the total number of shares of common stock outstanding. Shares of Class B common stock may not be transferred to third parties, except for transfers to certain family members and in other limited circumstances.

Holders of Class A common stock are entitled to one vote for each share held of record and holders of Class B common stock are entitled to ten votes for each share held of record. The Class A common stock and Class B common stock vote together as a single class on all matters submitted to shareholders.

Repurchases of Class A Common Stock

In August 2011, our Board of Directors authorized the repurchase of up to 2,000,000 shares of our Class A common stock and, on July 20, 2012, our Board of Directors authorized the repurchase of 1,000,000 additional shares of our Class A common stock. Through December 31, 2015, we had purchased approximately 1.7 million shares under this program at an average price of $41.34 per share. As of December 31, 2015, 1.3 million shares remained available for purchase pursuant to this program. These plans do not have an expiration date and we may continue to repurchase shares from time to time as conditions warrant.

The following is a summary of our repurchases in the years ended December 31, 2015, 2014 and 2013:

Year Ended December 31,	2015		2014		2013
Shares repurchased pursuant to repurchase plan		228,737		226,729		127,900
Total purchase price (in thousands)	$	24,676	$	15,990	$	5,213
Average purchase price per share	$	107.88	$	70.52	$	40.76
Shares repurchased in association with tax withholdings on the exercise of stock options		77,649		106,772		59,721

Dividends

We declared and paid dividends on our Class A and Class B Common Stock as follows:

Quarter declared	Dividend amount per Class A and Class B share		Total amount of dividend (in thousands)
2013
First quarter (1)	$	—	$	—
Second quarter		0.13		3,356
Third quarter		0.13		3,363
Fourth quarter		0.13		3,366
2014
First quarter	$	0.13	$	3,378
Second quarter		0.16		4,179
Third quarter		0.16		4,174
Fourth quarter		0.16		4,198
2015
First quarter	$	0.16	$	4,216
Second quarter		0.20		5,266
Third quarter		0.20		5,257
Fourth quarter		0.20		5,246

(1) We declared and paid a dividend payment in December 2012 in lieu of the dividend typically declared and paid in March of the following year.

Reclassification From Accumulated Other Comprehensive Loss

The reclassification from accumulated other comprehensive loss was as follows (in thousands):

Year Ended December 31,	2015			2014			2013			Affected Line Item in the Consolidated Statement of Operations
Loss on cash flow hedges	$	(449	)	$	(488	)	$	(740	)	Floor plan interest expense
Income tax benefits		174			187			283		Income tax provision
Loss on cash flow hedges, net	$	(275	)	$	(301	)	$	(457	)

See Note 11 for more details regarding our derivative contracts.