Note 13 - Equity

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

Note 13. Equity

On February 10, 2020, our Board approved the repurchase of up to $20.0 million of our outstanding Class A common stock. The program was suspended on March 26, 2020, with approximately $2.5 million remaining authorized. On January 25, 2021, our Board approved the repurchase of up to $40.0 million of our outstanding Class A common stock. Under such authorization, we repurchased 0.5 million shares of our Class A common stock for $8.4 million between January 2021 and April 2021. On August 5, 2021, our Board increased such authorization to $40.0 million. On August 9, 2021, we commenced a modified Dutch tender offer to purchase for cash shares of our Class A common stock for an aggregate purchase price of not more than $40.0 million and at a price per share of not less than $21.00 and not more than $23.00 per share. The tender offer expired on September 3, 2021. Through the tender offer, we accepted for purchase 86,132 shares of our Class A common stock at a purchase price of $23.00 per share for an aggregate purchase price of approximately $2.0 million, excluding fees and expenses. The shares of Class A common stock purchased through the tender offer were immediately retired. The excess purchase price over par value was recorded as a reduction of retained earnings on the unaudited condensed consolidated balance sheet as of September 30, 2021. Including the tender offer, we repurchased 0.6 million and 1.4 million shares for $10.3 million and $17.5 million during the nine months ended September 30, 2021 and 2020, respectively. We have the ability to repurchase up to $38.0 million of our outstanding Class A common stock under the current stock repurchase program as circumstances warrant based on market conditions, cash flow requirements, securities law limitations, and other factors.