STOCKHOLDERS’ EQUITY

3 Months Ended

Mar. 31, 2020

Capital Stock

As a result of a holding company reorganization and related transactions and the amendment and restatement of the Company’s certificate of incorporation, the Company’s authorized capital stock consists of 400,000,000 shares of common stock, par value $0.00001 per share (the “Common Stock”), and 50,000,000 shares of preferred stock, par value $0.00001 per share.

References to “Common Stock” refer to “Class A Common Stock” for dates prior to June 10, 2019.

In connection with our acquisition of WLH, we issued 30.6 million shares of our TMHC Common Stock as purchase consideration.

Warrants

In connection with our acquisition of WLH, we converted each outstanding warrant related to the Class B common stock, par value $0.01 per share, of WLH, to an outstanding warrant issued by the Company to be settled in shares of our Common Stock

subject to a specified conversion ratio. As of March 31, 2020, there are 1.7 million TMHC warrants outstanding with an exercise price of $19.12.

Stock Repurchase Program

On February 28, 2020, we announced that our Board of Directors has authorized a renewal of our stock repurchase program until December 31, 2020. The stock repurchase program permits the repurchase of up to $100.0 million of our Common Stock. The previous repurchase program expired on December 31, 2019. Repurchases of our Common Stock under the program will be effected, if at all, through open market purchases, privately negotiated transactions or other transactions through December 31, 2020. During the three months ended March 31, 2020 and 2019, we repurchased 5,436,479 and 4,376,879 shares of Common Stock under our stock repurchase program, respectively.



	Three Months Ended March 31
(Dollars in thousands)	2020			2019
Amount available for repurchase — beginning of period	$	—		$	57,437
Additional amount authorized for repurchase	100,000			100,000
Amount repurchased	(90,163		)	(77,839		)
Amount available for repurchase — end of period	$	9,837		$	79,598