Share Capital

9 Months Ended

Sep. 30, 2020

Share capital

The Company's authorized share capital consists of (a) 50,000,000 shares of Preferred Stock, par value $0.001 per share; (b) 50,000,000 shares of Class A Stock, par value $0.001 per share; and (c) 99,665 shares of Class B Stock, par value $0.001 per share. No Preferred Stock has been issued. 99,665 shares of Class B Stock have been issued and are outstanding.

The Class A Stock and the Class B Stock are equal in all respects except that the Class A Stock is non-voting.

The following table reflects changes in the number of shares of Class A Stock outstanding for the periods indicated:


	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2020	2019	2020	2019
Class A Stock outstanding, beginning of period	12,445,479	12,756,308	12,698,703	12,941,809
Issued pursuant to share-based compensation plans	43,238	19,052	390,562	80,143
Repurchased and canceled pursuant to the stock buy-back	(84,290)	(76,657)	(684,838)	(323,249)
Class A Stock outstanding, end of period	12,404,427	12,698,703	12,404,427	12,698,703

Stock buy-back

On May 15, 2020, the Company announced that its Board of Directors approved a share repurchase program that authorizes the Company to purchase up to 530,000 shares of the Company's Class A Stock, representing approximately 4.2% of its 12,636,523 then issued and outstanding shares of Class A Stock. This authorization supplemented the 98,625 shares that remained authorized and available under the Company's previous share repurchase program for a total of 628,625 shares authorized and available for repurchase at May 15, 2020.

During the three months ended September 30, 2020, the Company purchased and canceled an aggregate of 84,290 shares of Class A Stock for a total consideration of $2.0 million ($23.28 per share) under this program. During the nine months ended September 30, 2020, the Company purchased and canceled an aggregate of 684,838 shares of Class A Stock for a total consideration of $14.2 million ($20.78 per share) under this program. As of September 30, 2020, 434,697 shares remained available to be purchased under the share repurchase program.

Any such share purchases will be made by the Company from time to time in the open market at the prevailing open market price using cash on hand, in compliance with the applicable rules and regulations of the New York Stock Exchange and federal and state securities laws and the terms of the Company's Notes. All shares purchased will be canceled. The share repurchase program is expected to continue indefinitely. The timing and amounts of any purchases will be based on market conditions and other factors including price, regulatory requirements and capital availability. The share repurchase program does not obligate the Company to repurchase any dollar amount or number of shares of Class A Stock. Depending on market conditions and other factors, these repurchases may be commenced or suspended from time to time without prior notice.