XML 30 R18.htm IDEA: XBRL DOCUMENT v3.25.1
SHAREHOLDERS' EQUITY
 3 Months Ended
Mar. 31, 2025
SHAREHOLDERS' EQUITY
8.
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 quarter ended March 31, 2025,
13,942 shares of common stock
were
issued under the DRIP.
At-the-Market
Offering Program
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 March 31, 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 $2.70 and $2.45
per share on common stock during the three months ended March 31, 2025 and 2024, respectively.
Restricted Stock
During the quarter ended March 31, 2024, a total of 999 shares of Class B common stock with an aggregate fair market value of $390 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 as a result of stock options exercised during the quarters ended March 31, 2025 and 2024 was $10,398 and $10,040, respectively.
During the quarter ended March 31, 2024, a total of 426 shares of Common stock with an aggregate fair market value of $175 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 March 31, 2025 and 2024, we received proceeds of $651 and $583, respectively, for shares of our Common stock purchased and reinvested under our employee stock purchase plan.