7. Stockholders' Equity

12 Months Ended

Dec. 31, 2019

Stockholders' Equity Attributable to Parent [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

7. STOCKHOLDERS' EQUITY

Bio-Rad’s issued and outstanding stock consists of Class A Common Stock (Class A) and Class B Common Stock (Class B). Each share of Class A and Class B participates equally in the earnings of Bio-Rad, and is identical in all respects except as follows. Class A has limited voting rights. Each share of Class A is entitled to one tenth of a vote on most matters, and each share of Class B is entitled to one vote. Additionally, Class A stockholders are entitled to elect 25% of the Board of Directors and Class B stockholders are entitled to elect 75% of the directors. Cash dividends may be paid on Class A shares without paying a cash dividend on Class B shares but no cash dividend may be paid on Class B shares unless at least an equal cash dividend is paid on Class A shares. Class B shares are convertible at any time into Class A shares on a one-for-one basis at the option of the stockholder. The founders of Bio-Rad, the Schwartz family, collectively hold a majority of Bio-Rad’s voting stock. As a result, the Schwartz family is able to exercise significant influence over Bio-Rad.

Changes to Bio-Rad's issued common stock shares are as follows (in thousands):



	Class A Shares	Class B Shares
Balance at January 1, 2017	24,454	5,124
B to A conversions	34	(34	)
Issuance of common stock	191	18
Balance at December 31, 2017	24,679	5,108
B to A conversions	30	(30	)
Issuance of common stock	175	18
Balance at December 31, 2018	24,884	5,096
B to A conversions	24	(24	)
Issuance of common stock	58	18
Balance at December 31, 2019	24,966	5,090

Treasury Shares

In November, 2017, the Board of Directors authorized a new share repurchase program, granting Bio-Rad authority to repurchase, on a discretionary basis, up to $250.0 million of outstanding shares of our common stock. Repurchases may be made at management's discretion from time to time on the open market or through privately negotiated transactions. The share repurchase activity under the share repurchase program through open market transactions in 2018 and 2019 is summarized as follows:



	Number of Shares Purchased	Weighted-Average Price per Share		Total Shares Repurchased To Date	Remaining Authorized Value (in millions)
November 1, 2018 - November 30, 2018	178,911	$	273.39	193,150	$	201.1
May 1, 2019 - May 31, 2019	25,421	$	291.70	218,571	$	193.7
June 1, 2019 - June 30, 2019	25,977	$	292.01	244,548	$	186.1
August 1, 2019 - August 31, 2019	14,745	$	339.05	259,293	$	181.1
November 1, 2019 - November 30, 2019	22,343	$	358.04	281,636	$	173.1

In 2019, we used 118,910 of the repurchased shares in connection with the vesting of restricted stock units and 19,755 shares in connection with ESPP stock purchases. The Credit Agreement may limit our ability to repurchase our stock.