v3.24.1.u1
Stockholders' Equity and Stock Repurchase Program
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
Stockholders' Equity and Stock Repurchase Program

Note 7. Stockholders’ Equity and Stock Repurchase Program

Changes in stockholders’ equity for the three months ended March 31, 2024 and 2023 were as follows:

 

 

 

Three Months Ended March 31, 2024

 

 

 

Common Stock

 

 

Additional
Paid-in

 

 

Retained

 

 

Total
Stockholders’

 

 

 

Number

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Equity

 

 

 

(in thousands, except share data)

 

Beginning balance

 

 

71,290,708

 

 

$

72

 

 

$

116,713

 

 

$

268,355

 

 

$

385,140

 

Issuance of Class A common stock from exercise of
   stock options and vesting of restricted stock units

 

 

56,171

 

 

 

—

 

 

 

(145

)

 

 

—

 

 

 

(145

)

Repurchases of Class A common stock

 

 

(530,007

)

 

 

(1

)

 

 

—

 

 

 

(8,118

)

 

 

(8,119

)

Equity-based
   compensation

 

 

—

 

 

 

—

 

 

 

2,559

 

 

 

—

 

 

 

2,559

 

Cumulative translation
   adjustment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(425

)

 

 

(425

)

Net income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

10,873

 

 

 

10,873

 

Ending balance

 

 

70,816,872

 

 

$

71

 

 

$

119,127

 

 

$

270,685

 

 

$

389,883

 

 

 

 

 

Three Months Ended March 31, 2023

 

 

 

Common Stock

 

 

Additional
Paid-in

 

 

Retained

 

 

Total
Stockholders’

 

 

 

Number

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Equity

 

 

 

(in thousands, except share data)

 

Beginning balance

 

 

73,363,629

 

 

$

74

 

 

$

110,338

 

 

$

269,161

 

 

$

379,573

 

Issuance of Class A common stock from exercise of
   stock options and vesting of restricted stock units

 

 

36,144

 

 

 

—

 

 

 

161

 

 

 

—

 

 

 

161

 

Equity-based
   compensation

 

 

—

 

 

 

—

 

 

 

1,278

 

 

 

—

 

 

 

1,278

 

Cumulative translation
   adjustment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

755

 

 

 

755

 

Net income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

14,172

 

 

 

14,172

 

Ending balance

 

 

73,399,773

 

 

$

74

 

 

$

111,777

 

 

$

284,088

 

 

$

395,939

 

 

Stock Repurchase Program

In August 2023, our board of directors authorized a stock repurchase program of up to $100 million of our outstanding Class A common stock. The timing and amount of any stock repurchases is determined based on market conditions, stock price and other factors, and the program does not require us to repurchase any specific number of shares of Class A common stock. The program has no expiration date but it may be modified, suspended or terminated at any time. The stock repurchase program is funded from available cash and cash equivalents. All repurchased shares under the share repurchase program will be retired. During the three months ended March 31, 2024, we repurchased and retired 530,007 shares of Class A common stock for a total cost of $8.0 million, exclusive of broker fees and excise taxes, at an average price of $15.17 per share. Broker fees and excise taxes incurred on share repurchases represent direct costs of the repurchase and are recorded as part of the cost basis.