Equity |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Equity [Abstract] | |
| Equity | Equity Share Buyback Program In June 2023, the Company’s Board of Directors approved a share buyback program under which the Company can repurchase up to $25.0 million of its Class A common stock through June 30, 2026 in open market purchases, privately negotiated transactions, or otherwise in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. During the second quarter of 2025, the limit that can be repurchased under the share buyback program was increased to $50.0 million. The actual timing, number and value of shares repurchased under the share buyback program will depend on a number of factors, including constraints specified in any Rule 10b5-1 trading plans, price, general business and market conditions, and alternative investment opportunities. The share buyback program does not obligate the Company to acquire any specific number of shares in any period and may be expanded, extended, modified or discontinued at any time. The Company accounts for share repurchases of Class A common stock as treasury stock. Treasury stock is recorded as a reduction of stockholders’ equity based on the amount paid to repurchase shares, including associated costs. Treasury stock is not considered outstanding. As of June 30, 2025, and December 31, 2024, approximately $19.2 million, and $17.2 million, respectively, remained available for purchase under the share buyback program, inclusive of the recent program increase. During the three and six months ended June 30, 2025, under the share buyback program, the Company repurchased 705,404 and 989,968 shares of Class A common stock for an aggregate purchase price of $16.1 million and $23.0 million, respectively. 71,833 shares were repurchased during the three and six months ended June 30, 2024 for an aggregate purchase price of $1.8 million.
|