Capital Stock

12 Months Ended

Dec. 31, 2023

Capital Stock [Abstract]

Capital Stock

8. Capital Stock

The Company’s authorized capital stock consists of 25 million shares of preferred stock, par value $0.001 per share, 500 million shares of Class A common stock, par value $0.001 per share, and 100 million shares of Class B common stock, par value $0.001 per share. As of December 31, 2023 and 2022, there were no preferred or Class B common shares outstanding. Each share of Class A common stock entitles the holder to one vote on matters submitted to a vote of the Company’s stockholders. Stock dividends of Class A common stock may be paid only to holders of Class A common stock. Class A common stock has no conversion rights.

Weighted-average common shares outstanding

The following is a reconciliation of the weighted-average common shares outstanding for purposes of computing basic and diluted net income per share (in thousands):

	Year Ended December 31,
	2023		2022		2021
Basic weighted-average common shares outstanding		49,711		50,002		50,193
Effect of dilutive securities:
Stock awards and options		149		523		1,234
Diluted weighted-average common shares outstanding		49,860		50,525		51,427

For the years ended December 31, 2023, 2022 and 2021, other stock options totaling 1.8 million, 0.1 million and 0.1 million, respectively, were excluded from the calculation of diluted earnings per share because they were anti-dilutive.

Dividends

Quarterly cash dividends for the years ended December 31, 2023 and 2022 totaled $77.6 million and $77.0 million or $0.39 per share in all quarters of 2023 and $0.385 for all quarters of 2022. In February 2024, the board of directors has declared a quarterly cash dividend of $0.06 per share of Class A common stock to be paid on March 6, 2024 to stockholders of record on February 26, 2024.

Repurchases of common stock

In July 2018, the Company’s board of directors approved a stock repurchase plan with an authorization amount of $500 million. The repurchases are used primarily for strategic initiatives and to offset dilution from the Company’s equity incentive plans. During the years ended December 31, 2023, 2022 and 2021, the Company purchased 0.6 million, 1.7 million and 1.6 million shares under the 2018 plan for $13.0 million, $70.0 million and $80.4 million, respectively. At December 31, 2023, $162.4 million was available for repurchases under the 2018 stock repurchase plan.