Shareholders' Equity

12 Months Ended

Dec. 31, 2019

Stockholders' Equity Note [Abstract]

Shareholders’ Equity

The Company has three classes of common stock as follows (share data in millions):



		Issued Common Stock
	Authorized Shares	Outstanding	Treasury	Total Issued Shares
Class A stock ($0.025 par value)	105.0
December 31, 2019		39.2	1.1	40.3
December 31, 2018		38.1	2.2	40.3
December 31, 2017		38.2	1.8	40.0

Class B stock ($0.025 par value)	80.0
December 31, 2019		13.5	—	13.5
December 31, 2018		13.5	—	13.5
December 31, 2017		13.8	—	13.8

Class C stock ($0.025 par value)	20.0
December 31, 2019		—	0.5	0.5
December 31, 2018		—	0.5	0.5
December 31, 2017		—	0.5	0.5

In accordance with the Articles of Incorporation, each class A common share has one vote per share and each class B and class C common share has ten votes per share on all matters voted upon by the Company’s shareholders. Liquidation rights are the same for all three classes of stock.

The Company also has 0.5 million shares of $0.01 par value preferred stock authorized, of which none were issued at December 31, 2019, 2018 and 2017. The Company has no present plans to issue any preferred stock.

On May 20, 2019, the Company held its annual meeting of shareholders. At the meeting, the shareholders of the Company approved an amendment to the Company’s Articles of Incorporation to increase the number of authorized shares of class A common stock from 80.0 million to 105.0 million, and a corresponding increase to the number of authorized shares of capital stock from 180.5 million to 205.5 million.

On September 6, 2011, the Company’s Board of Directors authorized a share repurchase program of up to $100.0 million of the Company’s outstanding class A stock. On July 30, 2018, the Company’s Board of Directors discontinued the remainder of the September 6, 2011 share repurchase program and authorized a new share repurchase program of up to $100.0 million of the Company’s outstanding class A stock. There were no shares of the Company’s class A stock repurchased during the year ended December 31, 2019. During the year ended December 31, 2018, the Company repurchased 1,871,631 shares of its class A common stock at a weighted average price of $19.59 per share for a total purchase price of $36.7 million. During the year ended December 31, 2017, the Company repurchased 200,605 shares of its class A common stock at a weighted average price of $18.89 per share for a total purchase price of $3.8 million. As of December 31, 2019, there were $100.0 million of authorized repurchases remaining under the program.

On February 16, 2018, the Company’s Board of Directors authorized the issuance of 1,006,061 shares of Company class A common stock from treasury to the Company’s ESOP, at a stock price of $22.18 per share for a total value of $22.3 million.

On October 13, 2017, the Company’s Board of Directors authorized the cancellation of 1,027,907 shares of the Company’s class B common stock held in the Company’s treasury and returned the shares to the status of authorized, but unissued shares. In addition, all future acquired shares of the Company’s class B common stock will be immediately canceled and returned to the status of authorized but unissued shares. During the year ended December 31, 2018, 284,845 shares of class B common stock were converted to class A common stock. The shares of class B common stock were canceled and returned to the status of authorized but unissued shares. There were no conversions of class B common stock during the year ended December 31, 2019.

In accordance with the Articles of Incorporation, dividends are paid equally for all three classes of common shares. The following table details the dividend activity related to the then outstanding shares of common stock for the years ended December 31, 2019, 2018 and 2017:



	Declaration Date	Record Date	Payment Date	Dividend Amount per Share
2019
Q4 Dividend	October 29, 2019	November 18, 2019	December 6, 2019	$	0.15
Q3 Dividend	July 30, 2019	August 19, 2019	September 6, 2019	0.30
Q2 Dividend	April 30, 2019	May 20, 2019	June 7, 2019	0.30
Q1 Dividend	February 19, 2019	February 25, 2019	March 8, 2019	0.30
2018
Q4 Dividend	October 30, 2018	November 19, 2018	December 7, 2018	$	0.30
Q3 Dividend	July 31, 2018	August 20, 2018	September 7, 2018	0.30
Q2 Dividend	May 1, 2018	May 21, 2018	June 8, 2018	0.30
Q1 Dividend	February 21, 2018	March 19, 2018	March 30, 2018	0.30
2017
Q4 Dividend	October 31, 2017	November 20, 2017	December 1, 2017	$	0.30
Q3 Dividend	August 1, 2017	August 21, 2017	September 1, 2017	0.30
Q2 Dividend	May 1, 2017	May 22, 2017	June 2, 2017	0.30
Q1 Dividend	February 17, 2017	February 27, 2017	March 10, 2017	0.30