| Stockholders' Equity and Stock Repurchase Program |
Note 7. Stockholders’ Equity and Stock Repurchase Program Changes in stockholders’ equity for the three and six months ended June 30, 2025 and 2024 were as follows:
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Three Months Ended June 30, 2025 |
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Common Stock |
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Additional
Paid-in |
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Retained |
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Non-controlling |
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Total
Stockholders’ |
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Number |
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Amount |
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Capital |
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Earnings |
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Interest |
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Equity |
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(in thousands, except share data) |
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Beginning balance |
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71,332,612 |
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$ |
72 |
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$ |
135,268 |
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$ |
318,847 |
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$ |
(816 |
) |
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$ |
453,371 |
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Issuance of Class A common stock from
exercise of stock options and vesting
of restricted stock units |
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40,720 |
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— |
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174 |
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— |
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— |
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|
174 |
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Repurchases of Class A common stock |
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(92,583 |
) |
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(1 |
) |
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(1,740 |
) |
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— |
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— |
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(1,741 |
) |
Equity-based
compensation |
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— |
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— |
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2,304 |
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— |
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— |
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2,304 |
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Cumulative translation
adjustment |
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— |
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— |
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— |
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3,502 |
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— |
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3,502 |
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Disposal of subsidiary |
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— |
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— |
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— |
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— |
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|
966 |
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|
966 |
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Net income (loss) |
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— |
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— |
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— |
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10,161 |
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(150 |
) |
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10,011 |
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Ending balance |
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71,280,749 |
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$ |
71 |
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$ |
136,006 |
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$ |
332,510 |
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$ |
— |
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$ |
468,587 |
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Three Months Ended June 30, 2024 |
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Common Stock |
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Additional
Paid-in |
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Retained |
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Non-controlling |
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Total
Stockholders’ |
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|
Number |
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Amount |
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Capital |
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Earnings |
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Interest |
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Equity |
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(in thousands, except share data) |
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Beginning balance |
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70,816,872 |
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$ |
71 |
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$ |
119,127 |
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$ |
270,685 |
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$ |
— |
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$ |
389,883 |
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Issuance of Class A common stock from
exercise of stock options and vesting
of restricted stock units |
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32,041 |
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— |
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113 |
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— |
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— |
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|
113 |
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Repurchases of Class A common stock |
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(118,998 |
) |
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— |
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— |
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(1,899 |
) |
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— |
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(1,899 |
) |
Equity-based
compensation |
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— |
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— |
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2,094 |
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— |
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— |
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|
2,094 |
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Cumulative translation
adjustment |
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— |
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— |
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— |
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|
187 |
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— |
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187 |
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Net income |
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— |
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— |
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— |
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15,377 |
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— |
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15,377 |
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Ending balance |
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70,729,915 |
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$ |
71 |
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$ |
121,334 |
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$ |
284,350 |
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$ |
— |
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$ |
405,755 |
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Six Months Ended June 30, 2025 |
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Common Stock |
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Additional
Paid-in |
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Retained |
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Non-controlling |
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Total
Stockholders’ |
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|
Number |
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Amount |
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Capital |
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Earnings |
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|
Interest |
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|
Equity |
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(in thousands, except share data) |
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Beginning balance |
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71,200,480 |
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$ |
72 |
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$ |
133,046 |
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$ |
305,070 |
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$ |
(403 |
) |
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$ |
437,785 |
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Issuance of Class A common stock from
exercise of stock options and vesting
of restricted stock units |
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172,852 |
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— |
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(357 |
) |
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— |
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— |
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(357 |
) |
Repurchases of Class A common stock |
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(92,583 |
) |
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(1 |
) |
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(1,740 |
) |
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— |
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— |
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(1,741 |
) |
Equity-based
compensation |
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— |
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— |
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5,057 |
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— |
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— |
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|
5,057 |
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Cumulative translation
adjustment |
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— |
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— |
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— |
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5,460 |
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— |
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5,460 |
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Disposal of subsidiary |
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— |
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— |
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— |
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— |
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|
966 |
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|
966 |
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Net income (loss) |
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— |
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— |
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— |
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21,980 |
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(563 |
) |
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21,417 |
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Ending balance |
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71,280,749 |
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$ |
71 |
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$ |
136,006 |
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$ |
332,510 |
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$ |
— |
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$ |
468,587 |
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Six Months Ended June 30, 2024 |
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|
Common Stock |
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|
Additional
Paid-in |
|
|
Retained |
|
|
Non-controlling |
|
|
Total
Stockholders’ |
|
|
|
Number |
|
|
Amount |
|
|
Capital |
|
|
Earnings |
|
|
Interest |
|
|
Equity |
|
|
|
(in thousands, except share data) |
|
Beginning balance |
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71,290,708 |
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|
$ |
72 |
|
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$ |
116,713 |
|
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$ |
268,355 |
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|
$ |
— |
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$ |
385,140 |
|
Issuance of Class A common stock from
exercise of stock options and vesting
of restricted stock units |
|
|
88,212 |
|
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|
— |
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(32 |
) |
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— |
|
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|
— |
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|
(32 |
) |
Repurchases of Class A common stock |
|
|
(649,005 |
) |
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|
(1 |
) |
|
|
— |
|
|
|
(10,017 |
) |
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— |
|
|
|
(10,018 |
) |
Equity-based
compensation |
|
|
— |
|
|
|
— |
|
|
|
4,653 |
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— |
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— |
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|
4,653 |
|
Cumulative translation
adjustment |
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|
— |
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|
— |
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— |
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(238 |
) |
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— |
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(238 |
) |
Net income |
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— |
|
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|
— |
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|
— |
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26,250 |
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— |
|
|
|
26,250 |
|
Ending balance |
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|
70,729,915 |
|
|
$ |
71 |
|
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$ |
121,334 |
|
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$ |
284,350 |
|
|
$ |
— |
|
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$ |
405,755 |
|
Stock Repurchase Program In August 2023, our board of directors authorized a stock repurchase program of up to $100 million of our outstanding Class A common stock. The timing and amount of any stock repurchases is determined based on market conditions, stock price and other factors, and the program does not require us to repurchase any specific number of shares of Class A common stock. The program has no expiration date but it may be modified, suspended or terminated at any time. The stock repurchase program is funded from available cash and cash equivalents. All repurchased shares under the stock repurchase program will be retired. During the three and six months ended June 30, 2025, we repurchased and retired 92,583 shares of Class A common stock for a total cost of $1.7 million, exclusive of broker fees and excise taxes, at an average price of $18.78. During the three months ended June 30, 2024, we repurchased and retired 118,998 shares of Class A common stock for a total cost of $1.9 million, exclusive of broker fees and excise taxes, at an average price of $15.83. During the six months ended June 30, 2024, we repurchased and retired 649,005 shares of Class A common stock for a total cost of $9.9 million, exclusive of broker fees and excise taxes, at an average price of $15.29. Broker fees and excise taxes incurred on share repurchases represent direct costs of the repurchase and are recorded as part of the cost basis.
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