XML 27 R14.htm IDEA: XBRL DOCUMENT v3.20.4
Stockholders' Equity
 12 Months Ended
Dec. 31, 2020
Equity [Abstract]  
Stockholders' Equity Stockholders' Equity
Certificate of Incorporation
Our amended and restated certificate of incorporation authorized the issuance of up to 1,000,000 shares of Class A common stock, up to 500,000 shares of Class B common stock and up to 50,000 shares of undesignated preferred stock, each having a par value of $0.001 per share. Shares of Class A common stock have both economic and voting rights. Shares of Class B common stock have no economic rights, but do have voting rights. Holders of Class A and Class B common stock are entitled to one vote per share and, except as otherwise required, will vote together as a single class on all matters on which stockholders generally are entitled to vote.
We are required to, at all times, maintain (i) a one-to-one ratio between the number of shares of Class A common stock outstanding and the number of LLC Units held by us and (ii) a one-to-one ratio between the number of shares of Class B common stock outstanding and the number of LLC Units held by Desert Newco's other owners. Shares of Class B common stock are transferable only together with an equal number of LLC Units if we, at the election of an owner, exchange LLC Units for shares of Class A common stock.
Share Repurchase Programs
Our Board has approved certain share repurchase programs allowing us to purchase shares of our Class A common stock from time to time in open market purchases, block transactions and privately negotiated transactions, in accordance with applicable federal securities laws. The programs have no time limits, do not obligate us to make any repurchases and may be modified, suspended or terminated by us at any time without prior notice. The amount and timing of repurchases are subject to a variety of factors including liquidity, share price, market conditions and legal requirements. Repurchased shares are immediately retired and returned to an unissued status. We have elected to record the excess of the repurchase price over par value as a charge to retained earnings (accumulated deficit).
As of December 31, 2020, we had the following approved share repurchase programs:
Board Approval Date
Total Authorized Amount(1) ($)
Authorized Amount Remaining ($)
May 2020500.0 500.0 
October 2019500.0 — 
November 2018500.0 — 
_________________________________
(1) The authorized amounts exclude commissions applicable to any repurchases.
Pursuant to these programs, we made the following open market repurchases of our Class A common stock:
Year Ended December 31,Number of Shares Repurchased (#)
Aggregate Purchase Price(1) ($)
20209,986 541.7 
20197,125 458.6 
2018— — 
_________________________________
(1) The aggregate purchase price includes commissions paid in connection with the repurchases.