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SHAREHOLDERS' EQUITY
 9 Months Ended
Sep. 30, 2024
SHAREHOLDERS' EQUITY
8
.
SHAREHOLDERS’ EQUITY
Dividend Reinvestment Plan
On March 29, 2024, we implemented the Watsco, Inc. Dividend Reinvestment Plan (the “Plan”), under which existing shareholders may, in accordance with the Plan, acquire shares of the Company’s Common stock or Class B common stock, as applicable (collectively “common stock”), by reinvesting all or a portion of the cash dividends paid on such shareholders’ shares of common stock. The Plan 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. 333-260758).
During the quarter and nine months ended September 30, 2024, we issued 13,394 and 13,398 shares of common stock under the Plan, respectively.
At-the-Market
Offering Program
On August 6, 2021, we executed 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 of 1933, as amended (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. Cumulatively, $298,455 of Common stock was sold under the 2021 ATM Program.
On May 3, 2024, we executed an amended and restated sales agreement with Baird (the “2024 ATM Program”), which enables the further issuance of up to $400,000 of Common stock. At September 30, 2024, $400,000 was available for sale under the 2024 ATM Program. The offer and sale of shares under the 2024 ATM Program were registered under the Securities Act pursuant to our automatically effective shelf registration statement on Form
S-3
(File
No. 333-260758).
Common Stock Dividends
We paid cash dividends of $2.70, $2.45, $7.85, and $7.35 per share on both Common and Class B common stock during the quarters and nine months ended September 30, 2024 and 2023, respectively.
Restricted Stock
During the quarter and nine months ended September 30, 2024, a total of 3,454 shares of
Common and 
Class B common stock with an aggregate fair market value of $1,638, and a total of 6,159 shares of
Common and 
Class B common stock with an aggregate fair market value of $2,787, 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. During the quarter and nine months ended September 30, 2023, a total of 1,033 shares of Common and Class B common stock with an aggregate fair market value of $362, and a total of 7,080 shares of Common and Class B common stock with an aggregate fair market value of $2,026, 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 nine months ended September 30, 2024 and 2023, was $6,097, $5,983, $22,049, and $18,677, respectively.
 
During
 
the nine months ended September 30, 2024,
3,999
shares of Common stock with an aggregate fair market value of $
1,860
 were withheld as payment in lieu of cash for stock option exercises and related tax withholdings. These shares were retired upon delivery. During the quarter and nine months ended September 30, 2023, a total of
295
shares of Common stock with an aggregate fair market value of $
106
, and a total of
17,687
shares of Common stock with an aggregate fair market value of $
5,489
, respectively, were withheld as payment in lieu of cash for stock option exercises. These shares were retired upon delivery.
Employee Stock Purchase Plan
During the quarters ended September 30, 2024 and 2023, we received proceeds of $583 and $563, respectively, for shares of our Common stock purchased under our employee stock purchase plan. During the nine months ended September 30, 2024 and 2023, we received proceeds of $1,734 and $1,696, respectively, for shares of our Common stock purchased under our employee stock purchase plan.