Stockholders' Equity

3 Months Ended

Mar. 31, 2017

Equity [Abstract]

Stockholders' Equity

STOCKHOLDERS’ EQUITY

Capital Stock —Holders of Class A Common Stock and Class B Common Stock are entitled to one vote for each share held on all matters submitted to stockholders for their vote or approval. The holders of Class A Common Stock and Class B Common Stock vote together as a single class on all matters submitted to stockholders for their vote or approval, except with respect to the amendment of certain provisions of the amended and restated Certificate of Incorporation that would alter or change the powers, preferences or special rights of the Class B Common Stock so as to affect them adversely. Such amendments must be approved by a majority of the votes entitled to be cast by the holders of the shares affected by the amendment, voting as a separate class, or as otherwise required by applicable law. The voting power of the outstanding Class B Common Stock (expressed as a percentage of the total voting power of all Common Stock) is equal to the percentage of partnership interests in New TMM not held directly or indirectly by TMHC.

On February 6, 2017, we completed the sale of 11,500,000 shares of our Class A Common Stock in a registered public offering at a net purchase price per share of $18.2875. On March 27, 2017, we completed the sale of an additional 10,000,000 shares of our Class A Common Stock in a registered public offering at a net purchase price per share of $20.78. We used all of the net proceeds from both public offerings to purchase partnership units in New TMM, our direct subsidiary, along with shares of our Class B Common Stock, held by our Principal Equityholders. As a result of net proceeds being distributed to our Principal Equityholders, we adjusted Non-controlling interests - Principal Equityholders and Additional paid-in capital on the Condensed Consolidated Balance Sheets to reflect the change in ownership. The aggregate number of partnership units and corresponding shares of Class B Common Stock we purchased was equal to the number of shares of Class A Common Stock sold in the public offerings.

The components and respective voting power of outstanding TMHC Common Stock including the effects of the secondary offerings at March 31, 2017 are as follows:

	Shares Outstanding	Percentage
Class A Common Stock	52,101,585	43.6	%
Class B Common Stock	67,390,504	56.4	%
Total	119,492,089	100	%

Stock Repurchase Program

Our Board of Directors has authorized the repurchase of up to $100.0 million of the Company’s Class A Common Stock through December 31, 2017 in open market purchases, privately negotiated transactions or other transactions. The stock repurchase program is subject to prevailing market conditions and other considerations, including our liquidity, the terms of our debt instruments, statutory requirements, planned land investment and development spending, acquisition and other investment opportunities and ongoing capital requirements. During the three months ended March 31, 2017 there were no shares repurchased. During the three months ended March 31, 2016, there were 337,760 shares repurchased for $5.0 million. As of March 31, 2017 there was $56.4 million available to be used for repurchases.