v3.26.1
Stockholders' Equity
 6 Months Ended
Jun. 30, 2026
Stockholders' Equity Note [Abstract]  
Stockholders' Equity
Note 10. Stockholders' Equity
Common Shares Outstanding and Common Stock Equivalents
The following table shows the number of our common shares that could be issued for each component of our capital structure.
June 30,
2026		December 31,
2025
Outstanding common shares, excluding shares held by the Reciprocal and our wholly owned captive reinsurance business113,205105,809
Outstanding common shares held by the Reciprocal16,22018,312
Outstanding common shares held by our wholly owned captive reinsurance business2,092—
Outstanding common shares, total131,517124,121
Common shares reserved for future issuance:
Stock options2,6422,815
Restricted and performance stock units and awards (Note 11)11,29712,469
2020 Equity Plan pool reserved for future issuance (Note 11)12,60210,931
Convertible senior unsecured notes, due 2026(1)312312
Convertible senior secured notes, due 202813,33213,332
Convertible senior unsecured notes, due 20308,5278,527
Total shares of common stock outstanding and reserved for future issuance180,229172,507
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(1)In connection with the September 16, 2021, issuance of the 2026 Notes, we used a portion of the proceeds to pay for the capped call transactions, which are expected to generally reduce the potential dilution to our common stock. The capped call transactions impact the number of shares that may be issued by effectively increasing our conversion price from $25 per share to approximately $37.74, which would result in approximately 0.2 million potentially dilutive shares instead of the shares reported in this table as of June 30, 2026. The capped calls expire on September 15, 2026.
In June 2026, we, through our wholly owned captive reinsurance business, repurchased approximately 2.1 million shares of our common stock from the Reciprocal for approximately $15.0 million, or $7.17 per share. The Reciprocal still holds approximately 16.2 million Porch shares. Shares owned by both our captive reinsurer and the Reciprocal have been issued and are outstanding, as provided under Delaware law. However, these shares will neither be entitled to vote nor be counted for quorum purposes. For accounting purposes, these shares are considered treasury stock as of June 30, 2026.
Repurchase of Common Shares
As previously disclosed on February 11, 2026, our Board of Directors authorized us to repurchase shares of our common stock in 2026, up to an aggregate amount not to exceed $2.5 million. This is the maximum annual amount permitted under the 2028 Notes indenture.
During the first quarter of 2026, we exhausted the amount authorized by our Board of Directors. We repurchased and retired 0.3 million common shares with a total cost of $2.5 million (including commissions). The cost paid in excess of the par value is included in accumulated deficit in the unaudited Condensed Consolidated Balance Sheets as of June 30, 2026.