Capital Stock

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Capital Stock

Capital Stock

The Company had 105,020,683 shares and 104,442,023 shares of Class A common stock outstanding as of June 30, 2023 and December 31, 2022, respectively.

The Company completed the stock repurchase program adopted by the Company’s board of directors in 2022 and the Company’s board of directors has not authorized a stock repurchase program for 2023. There were 1,720,700 shares repurchased and retired under the stock repurchase program during the three and six months ended June 30, 2022 at a total cost of $64.3 million, including costs and commissions, at an average cost of $37.38 per share.

Other stock repurchases during the six months ended June 30, 2023 and 2022, 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.

During the six months ended June 30, 2023, the Company issued 54,414 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 $1.2 million is amortized into stock-based compensation expense in the accompanying consolidated statements of changes in stockholders' equity over a one year service based period.

On May 25, 2023, the Company filed a Registration Statement on Form S-8 to register an additional 2,000,000 shares of common stock to be issued pursuant to the Company's 2023 Equity and Incentive Plan.

On May 26, 2023, 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.