SHARE CAPITAL

6 Months Ended

Jun. 30, 2020

On April 26, 2017, the Company’s shareholders approved an amendment to the stock incentive plan to increase the number of Class A ordinary shares available for issuance by 1.5 million shares from 3.5 million to 5.0 million. As of June 30, 2020, 62,531 (December 31, 2019: 555,805) Class A ordinary shares remained available for future issuance under the Company’s stock incentive plan. The stock incentive plan is administered by the Compensation Committee of the Board of Directors.

The Board has adopted a share repurchase plan. The timing of such repurchases and actual number of shares repurchased will depend on a variety of factors including price, market conditions and applicable regulatory and corporate requirements. On March 26, 2020, the Board of Directors extended the share repurchase plan to June 30, 2021 and increased the number of shares authorized to be repurchased to 5.0 million Class A ordinary shares or securities convertible into Class A ordinary shares in the open market, through privately negotiated transactions or Rule 10b5-1 stock trading plans. In addition, the Board of Directors also authorized the Company to repurchase up to $25.0 million aggregate face amount of the Company’s 4.00% Convertible Senior Notes due 2023 (the “Notes”) in privately negotiated transactions, in open market repurchases or pursuant to one more tender offers. The Company is not required to repurchase any of the Class A ordinary shares or the Notes and the repurchase plans may be modified, suspended or terminated at the election of our Board of Directors at any time without prior notice.

During the six months ended June 30, 2020, 1.2 million Class A ordinary shares were repurchased by the Company (2019: 0). As of June 30, 2020, 3.8 million Class A ordinary shares and $25.0 million of the Notes, remained available for repurchase under the repurchase plans. All ordinary shares repurchased are canceled immediately upon repurchase.

The following table is a summary of voting ordinary shares issued and outstanding:


	Six months ended June 30			Six months ended June 30
	2020			2019
	Class A	Class B	Class A	Class B
Balance – beginning of period	30,739,395	6,254,715	30,130,214	6,254,715
Issue of ordinary shares, net of forfeitures	440,134	—	408,233	—
Repurchase of ordinary shares	(1,161,659)	—	—	—

Balance – end of period	30,017,870	6,254,715	30,538,447	6,254,715

Additional paid-in capital includes the premium per share paid by the subscribing shareholders for Class A and B ordinary shares which have a par value of $0.10 each. It also includes share-based awards earned not yet issued.