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Shareholders' Equity
 9 Months Ended
Sep. 30, 2020
Equity [Abstract]  
Shareholders' Equity Shareholders’ Equity
The Company has three classes of common stock as follows (share data in millions):
Issued Common Stock
Authorized SharesOutstandingTreasuryTotal Issued Shares
Class A stock ($0.025 par value)
September 30, 2020105.0 40.2 0.2 40.4 
December 31, 2019105.0 39.2 1.1 40.3 
Class B stock ($0.025 par value)
September 30, 202080.0 13.5 — 13.5 
December 31, 201980.0 13.5 — 13.5 
Class C stock ($0.025 par value)
September 30, 202020.0 — 0.5 0.5 
December 31, 201920.0 — 0.5 0.5 

In accordance with the Articles of Incorporation, each class A common share has one vote per share and each class B and class C common share has ten votes per share on all matters voted upon by the Company’s shareholders. Liquidation rights are the same for all three classes of common stock.

The Company also has 0.5 million shares of $0.01 par value preferred stock authorized, of which none were issued at September 30, 2020, and December 31, 2019. The Company has no present plans to issue any preferred stock.

On July 30, 2018, the Company’s Board of Directors authorized a share repurchase program of up to $100.0 million of the Company’s outstanding class A common stock. There were no shares repurchased during the three and nine months ended September 30, 2020, or during the three and nine months ended September 30, 2019. As of September 30, 2020, there were $100.0 million of authorized repurchases remaining under the program. The Company is currently prohibited from repurchasing capital stock through the Covenant Relief Period, in accordance with the fourth amendment to the April 28, 2014 Senior Secured Credit Facility, completed on June 29, 2020 (see Note 11. “Debt,” for more details on the amendment and timing of the Covenant Relief Period).

In accordance with the Articles of Incorporation, dividends are paid equally for all three classes of common shares. Due to uncertainty in client demand as a result of the COVID-19 pandemic, the Company’s Board of Directors proactively suspended the Company’s quarterly dividends beginning in the second quarter of 2020, and the Company is currently prohibited from making dividend payments during the Covenant Relief Period. The dividend activity related to the then outstanding shares for the nine months ended September 30, 2020 and 2019, was as follows:
Declaration DateRecord DatePayment DateDividend Amount
per Share
2020
Q1 DividendFebruary 18, 2020February 28, 2020March 9, 2020$0.15 
2019
Q3 DividendJuly 30, 2019August 19, 2019September 6, 20190.30 
Q2 DividendApril 30, 2019May 20, 2019June 7, 20190.30 
Q1 DividendFebruary 19, 2019February 25, 2019March 8, 20190.30