Capital Stock

6 Months Ended

Jun. 30, 2020

Equity [Abstract]

Capital Stock

Capital Stock

The Company had 42,579,590 shares of Class A common stock and 21,981,114 shares of Class B common stock outstanding as of June 30, 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 six months ended June 30, 2020, the Company issued 19,200 shares of its Class A common stock to directors for their annual service on the Company's board of directors. The aggregate value of the shares issued to directors of $0.6 million is included in stock-based compensation expense in the accompanying consolidated statements of changes in stockholders' equity.

On June 11, 2019, the company’s board of directors adopted a stock repurchase program where the Company may repurchase up to 2.5 million of its outstanding shares of Class A common stock. During the three months ended June 30, 2020, the Company did not repurchase any shares under the current authorization and there were 1,445,300 shares remaining authorized under the repurchase program. During the six months ended June 30, 2020, we repurchased and retired 1,054,700 shares of our Class A common stock at a total cost of $31.2 million, including cost and commission, at an average cost of $29.56 per share. The shares of common stock repurchased during the period represented 42.2% of the total shares available to be repurchased. All other stock repurchases during the six months ended June 30, 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.