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Shareholders' Equity
12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Stockholders' Equity Shareholders’ Equity
Classes of Common Stock
The Company's common stock is divided into two classes. The Class B common stock has ten votes per share and the Class A common stock has one vote per share on all matters to be voted on by the Company's shareholders. Each Class B share is convertible at any time at the holder's option into one Class A share. With the exception of the voting rights and the conversion feature, the Class A and Class B shares are identical in terms of other rights, including dividend and liquidation rights.
Stock Repurchases
The Company has a stock repurchase program that expires on May 8, 2025 in which it can repurchase up to five million shares of its Class A common stock on the open market, through private transactions, or otherwise. As of December 31, 2024, 3.3 million shares may still be purchased under the Company's stock repurchase program. Shares repurchased by the Company during 2024, 2023, and 2022 are shown in the table below. In accordance with the corporate laws of the state in which the Company is incorporated, all shares repurchased by the Company are legally retired upon acquisition by the Company.
Total shares repurchasedPurchase price
(in thousands)
Average price of shares repurchased (per share) (a)
Year ended December 31, 2024894,108 $83,290 $93.15 
Year ended December 31, 2023336,943 28,028 83.18 
Year ended December 31, 20221,162,533 97,685 84.03 
(a)     The average price of shares repurchased for the years ended December 31, 2024 and 2023 includes excise taxes.