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STOCKHOLDERS' EQUITY | 3 Months Ended
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Jun. 30, 2023
Equity [Abstract] |
STOCKHOLDERS' EQUITY | Stockholders' Equity There are two classes of authorized Company common stock: Class A common stock and Class B common stock. The rights of the holders of Class A common stock and Class B common stock are identical, except with respect to voting and conversion rights. Each share of Class A common stock is entitled to one vote per share, and each share of Class B common stock is entitled to ten votes per share. Each share of Class B common stock may be converted into one share of Class A common stock at the option of its holder and will be automatically converted into one share of Class A common stock upon transfer thereof, subject to certain exceptions. Class A Common Stock During the three months ended June 30, 2023 and 2022, 6,609 and 6,739 shares were issued to non-employee directors and 651,068 and 266,492 shares were converted from Class B to Class A, respectively. As of June 30, 2023, there were 51,231,666 Class A shares held by the public and 64,935 Class A shares held by non-employee directors. As of June 30, 2022, there were 49,591,439 Class A shares held by the public and 58,326 Class A shares held by non-employee directors. Class B Common Stock As of June 30, 2023 and 2022, there were 18,035,565 and 19,136,952 of Class B shares held by the HL Voting Trust, respectively. Dividends Previously declared dividends related to unvested shares of $14,673 and $8,766 were unpaid as of June 30, 2023 and 2022, respectively. Stock Subscriptions Receivable Employees of the Company periodically issued notes receivable to the Company documenting loans made by the Company to such employees for the purchase of restricted shares of the Company. Share Repurchases In April 2022, the board of directors authorized an increase to the existing July 2021 share repurchase program, which provides for share repurchases of a new aggregate amount of up to $500.0 million of the Company's Class A common stock and Class B common stock. As of June 30, 2023, shares with a value of $482.7 million remained available for purchase under the program. During the three months ended June 30, 2023 and 2022, the Company repurchased 507,511 and 496,731 shares, respectively, of Class B common stock, to satisfy $69,766 and $42,121, respectively, of required withholding taxes in connection with the vesting of restricted awards. During the three months ended June 30, 2022, the Company repurchased 477,030 shares of its outstanding Class A common stock at a weighted average price of $85.34 per share, excluding commissions, for an aggregate purchase price of $40,724.

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