SHAREHOLDERS' EQUITY |
6 Months Ended | ||
|---|---|---|---|
Jun. 30, 2025 | |||
| SHAREHOLDERS' EQUITY |
Dividend Reinvestment Plan On March 29, 2024, we implemented the Watsco, Inc. Dividend Reinvestment Plan (the “DRIP”), under which existing shareholders may, in accordance with the DRIP, acquire up to 300,000 shares of each of Common and Class B common stock, as applicable, by reinvesting all or a portion of the cash dividends paid on such shareholders’ shares of common stock. The DRIP has been registered under the Securities Act of 1933, as amended (the “Securities Act”), pursuant to our automatically effective shelf registration statement on Form S-3 (File No. 333-282975). During the quarters ended June 30, 2025 and 2024, 16,553 and 4 shares of our common stock, respectively, were issued under the DRIP. During the six months ended June 30, 2025 and 2024, 30,495 and 4 shares of our common stock, respectively, were issued under the DRIP. At-the-Market On August 6, 2021, we entered into a sales agreement with Robert W. Baird & Co. Inc. (“Baird”), which enabled the Company to issue and sell shares of Common stock in one or more negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act, for a maximum aggregate offering amount of up to $ 300,000 (the “2021 ATM Program”). During the quarter ended March 31, 2024, we issued and sold 712,000 shares of Common stock under the 2021 ATM Program for net proceeds of $281,784 . Direct costs of $33 incurred in connection with the offering were charged against the proceeds from the sale of Common stock and reflected as a reduction of paid-in capital. In aggregate, we issued and sold $298,455 of Common stock under the 2021 ATM Program. On May 3, 2024, we entered into an amended and restated sales agreement with Baird (the “2024 ATM Program”), which enables the further issuance and sale of Common stock for a maximum aggregate offering amount of up to $ 400,000 . At June 30, 2025, $400,000 was available for sale under the 2024 ATM Program. The offer and sale of shares under the 2024 ATM Program have been registered under the Securities Act pursuant to our automatically effective shelf registration statement on Form S-3 (File No. 333-282975). Common Stock Dividends We paid cash dividends of $ 3.00 , $2.70 , $5.70 , and $5.15 per share on common stock during the quarters and six months ended June 30, 2025 and 2024, respectively. Restricted Stock During the quarter and six months ended June 30, 2024, a total of 1,706 shares of Class B common stock with an aggregate fair market value of $759 , and a total of 2,705 shares of Class B common stock with an aggregate fair market value of $1,150 , respectively, were withheld as payment in lieu of cash to satisfy tax withholding obligations in connection with the vesting of restricted stock. These shares were retired upon delivery. Exercise of Stock Options Cash received from Common stock issued upon the exercise of stock options during the quarters and six months ended June 30, 2025 and 2024, was $ 2,462 , $5,912 , $12,860 , and $15,952 , respectively. During the quarter and six months ended June 30, 2025, 2,232 shares of Common stock with an aggregate fair market value of $1,067 were withheld as payment in lieu of cash for stock option exercises. These shares were retired upon delivery. During the quarter and six months ended June 30, 2024, 3,573 shares of Common stock with an aggregate fair market value of $1,685, and 3,999 shares of Common stock with an aggregate fair market value of $1,860, respectively, were withheld as payment in lieu of cash for stock option exercises and related tax withholdings. These shares were retired upon delivery. Employee Stock Purchase Plan During the quarters ended June 30, 2025 and 2024, we received proceeds of $
582 and $568 , respectively, for shares of our Common stock purchased under our employee stock purchase plan. During the six months ended June 30, 2025 and 2024, we received proceeds of $1,233 and $1,151 , respectively, for shares of our Common stock purchased under our employee stock purchase plan. |