Note 6 - Stockholders' Equity

6 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

6.       Stockholders’ Equity

We are authorized to issue 245 million shares in total of all classes of stock consisting of 25 million shares of Class A common stock, 200 million shares of common stock, and 20 million shares of “blank check” preferred stock for which our Board of Directors has the authority to determine the rights, powers, limitations and restrictions. The rights of our common stock and Class A common stock are identical, except that our Class A common stock has 10 votes per share and our common stock has one vote per share.

Our common stock and Class A common stock are entitled to receive cash dividends if declared, on an equal per-share basis. The Board of Directors declared a quarterly cash dividend of $0.08 per share on our common stock and Class A common stock to shareholders of record on each of March 15 and June 15, 2022 and 2021, payable on March 31 and June 30, 2022 and 2021. The total dividends declared and paid during the six-months ended June 30, 2022 and 2021 was approximately $15 million.

On May 5, 2022, our shareholders approved, and our Board of Directors adopted, our 2022 Equity and Incentive Compensation Plan (the “2022 EICP”). The 2022 EICP replaced our 2017 Equity and Incentive Compensation Plan. Under the 2022 EICP, 5.5 million shares of our common stock and 2.2 million shares of our Class A common stock were added to our shares authorized for issuance. Under our various employee benefit plans, we may, at our discretion, issue authorized and unissued shares, or previously issued shares held in treasury, of our Class A common stock or common stock. As of June 30, 2022, we had reserved 7.5 million shares and 2.8 million shares of our common stock and Class A common stock, respectively, for future issuance under various employee benefit plans. As of December 31, 2021, we had reserved 2.8 million shares and 0.8 million shares of our common stock and Class A common stock, respectively, for future issuance under various employee benefit plans.

During the six-months ended June 30, 2022, we repurchased 2.6 million shares of our common stock under our share repurchase programs for $50 million. As of June 30, 2022, approximately $124 million was available to repurchase shares of our common stock and/or Class A common stock under these programs.