Capital Stock

6 Months Ended

Jun. 30, 2021

Capital Stock [Abstract]

Capital Stock

6. Capital Stock

Net income per share

Net income per share is computed based on the weighted-average number of common shares outstanding during the periods presented. Additionally, diluted earnings per share data gives effect to all potentially dilutive common shares that were outstanding during the periods presented. For the three-month periods ended June 30, 2021 and 2020, stock options of 0.1 million and 1.0 million, respectively, and for the six-month periods ended June 30, 2021 and 2020, stock options of 0.1 million and 0.9 million, respectively, were excluded from the calculation of diluted earnings per share because they were anti-dilutive.

Dividends

In February and May 2021, the Company’s board of directors declared quarterly cash dividends of $0.38 per share. These quarterly cash dividends of $19.3 million and $19.0 million were paid on March 10, 2021  and June 9, 2021 to stockholders of record on February 26, 2021 and  May 28, 2021. In August 2021, the Company’s board of directors declared a quarterly cash dividend of $0.38 per share to be paid on September 8, 2021 to stockholders of record on August 27, 2021.

Repurchase of common stock

During the three-month periods ended June 30, 2021 and 2020, the Company repurchased 0.2 million and 1.7 million shares of its Class A common stock under its stock repurchase plan for $10.0 million and $46.5 million, respectively. During the six-month periods ended June 30, 2021 and 2020, the Company repurchased 1.2 million shares and 4.4 million shares of its Class A common stock under its stock repurchase plan for $60.4 million and $107.4 million, respectively. As of June 30, 2021, $265.4 million was available for repurchases under the Company’s stock repurchase plan.