Stockholders’ Equity (Deficit)

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Stockholders’ Equity (Deficit)

11. STOCKHOLDERS’ EQUITY (DEFICIT)

As of September 30, 2021, 95,419,927 shares of common stock were issued in the accompanying unaudited condensed consolidated balance sheet, which includes 17,794,246 shares of treasury stock held by the Company and excludes 52,353 unvested shares of common stock and 2,045,524 unvested restricted stock units or deferred stock units held by certain participants in the Company’s equity compensation plans or members of the Company’s Board of Directors (the “Board”) (see Note 10–Equity-Based Compensation).  

Share Repurchase Program

The Board had previously authorized a share repurchase program of up to $250.0 million of the Company’s common stock (the “Share Repurchase Program”). Under the Share Repurchase Program, the Company is authorized to repurchase shares through open market purchases, privately-negotiated transactions or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans and under Rule 10b-18 of the Exchange Act.

During the nine months ended September 30, 2021, the Company repurchased 1,533,998 shares for an aggregate total of approximately $82.7 million. As of September 30, 2021, the Company has approximately $154.9 million available under the Share Repurchase Program. Subsequent to September 30, 2021, the Company repurchased 457,327 shares for an aggregate total of approximately $26.8 million, leaving $128.1 million available under the Share Repurchase Program as of November 9, 2021.

During the nine months ended September 30, 2020, prior to the COVID-19 temporary park closures, the Company completed a share repurchase of 469,785 shares for an aggregate total of approximately $12.4 million.

The Share Repurchase Program has no time limit and may be suspended or discontinued completely at any time. The number of shares to be purchased and the timing of purchases will be based on the Company’s trading windows and available liquidity, general business and market conditions, and other factors, including legal requirements, debt covenant restrictions and alternative investment opportunities.