Shareholders' Equity

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Shareholders' Equity

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)
March 31, 2024	105.0	38.7	3.8	42.5
December 31, 2023	105.0	37.4	5.1	42.5
Class B stock ($0.025 par value)
March 31, 2024	80.0	13.3	—	13.3
December 31, 2023	80.0	13.6	—	13.6
Class C stock ($0.025 par value)
March 31, 2024	20.0	—	0.5	0.5
December 31, 2023	20.0	—	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 common stock.

The Company also has 0.5 million shares of $0.01 par value preferred stock authorized, of which none were issued at March 31, 2024, and December 31, 2023. The Company has no present plans to issue any preferred stock.

On July 30, 2018, the Company’s Board of Directors authorized a share repurchase program of up to $100.0 million of the Company’s outstanding class A common stock. There were no share repurchases during the three months ended March 31, 2024, and the following repurchases occurred during the three months ended March 31, 2023:

	March 31, 2023
Shares of Class A common stock	64,271
Weighted average price per share	$	3.98
Total repurchases during the period (in millions)	$	0.3

As of March 31, 2024, there were $77.5 million of authorized repurchases remaining under the program.

In March 2024, 294,875 shares of class B common stock were converted to class A common stock, and the class B common shares were canceled and returned to the status of authorized but unissued shares.

In accordance with the Articles of Incorporation, dividends are paid equally for all three classes of common stock. The Company’s Board of Directors suspended the Company’s quarterly dividends beginning in the second quarter of 2020. On February 15, 2024, the Board of Directors reinstated the Company’s quarterly dividends.

The dividend activity related to the then outstanding shares for the three months ended March 31, 2024 is as follows:

	Declaration Date	Record Date	Payment Date	Dividend Amount per Share
2024
Q1 Dividend	February 16, 2024	February 27, 2024	March 12, 2024	$	0.05