Capital Stock

3 Months Ended

Mar. 31, 2020

Equity [Abstract]

Capital Stock

Capital Stock

The Company had 42,465,637 shares of Class A common stock and 22,086,944 shares of Class B common stock outstanding as of March 31, 2020. The Company had 43,129,085 shares of Class A common stock and 22,117,254 shares of Class B common stock outstanding as of December 31, 2019.

During the three months ended March 31, 2020, we repurchased and retired 1,054,700 shares of our Class A common stock at a total cost of $31.2 million and an average cost of $29.56 per share. The shares of common stock repurchased during the period represented 42.2% of the total shares to be repurchased under our repurchase program adopted by the Company’s board of directors on June 11, 2019 whereby the Company may repurchase up to 2.5 million of its outstanding shares of Class A common stock. The cost of our repurchased shares directly reduced the balance of stockholders’ equity at March 31, 2020. As of March 31, 2020, there were 1,445,300 shares remaining authorized under the repurchase program. During the three months ended March 31, 2020, the Company issued 291 shares of its Class A common stock to a director for service on the Company's board of directors. The aggregate value of the shares issued to the director is included in stock-based compensation expense in the accompanying consolidated statements of changes in stockholders' equity. All other stock repurchases during the three months ended March 31, 2020 and 2019, were redemptions of vested restricted shares tendered in lieu of cash for payment of income tax withholding amounts by participants in the Company’s equity compensation plans.

On March 16, 2020, the Company filed a universal shelf registration statement on Form S-3, which was subsequently declared effective by the SEC. The shelf registration statement allows the Company to raise additional capital from time to time through offers and sales of registered securities consisting of debt securities, preferred stock, depositary shares, common stock, warrants, purchase contracts, and units or units consisting of any combination of the foregoing securities. The Company may sell these securities using the prospectus in the shelf registration statement, together with applicable prospectus supplements, from time to time, in one or more offerings.