Capital Stock

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Capital Stock

Capital Stock

The Company had 41,143,592 shares of Class A common stock and 21,971,339 shares of Class B common stock outstanding as of September 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 nine months ended September 30, 2020, the Company issued 19,491 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. On September 12, 2020, the Company’s board of directors increased the number of shares of Class A common stock authorized to be repurchased by the Company under the stock repurchase program by an additional 3.0 million shares for a total of 5.5 million shares.

During the three months ended September 30, 2020, the Company repurchased and retired 1,445,300 shares of our Class A common stock at a total cost of $46.3 million, including costs and commissions, at an average cost of $32.05 per share. The shares of common stock repurchased during the period represented 26.3% of the total 5.5 million shares authorized to be repurchased.

During the nine months ended September 30, 2020, the Company repurchased and retired 2.5 million shares of our Class A common stock at a total cost of $77.5 million, including costs and commissions, at an average cost of $31.01 per share. The shares of common stock repurchased during the period represented 45.5% of the total 5.5 million shares authorized to be repurchased. As of September 30, 2020, there were 3.0 million shares remaining authorized under the repurchase program.

All other stock repurchases during the nine months ended September 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.