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Shareholders' Equity | 9 Months Ended
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Sep. 30, 2025
Equity [Abstract] |
Shareholders' Equity | Shareholders’ Equity The Company has three classes of common stock as follows (share data in millions):
|  |  | Issued Common Stock
| Authorized Shares |  | Outstanding |  | Treasury |  | Total Issued Shares
Class A stock ($0.025 par value) |  |  |  |  |  |  |
September 30, 2025 | 105.0 |  |  | 37.6 |  |  | 4.9 |  |  | 42.5 |
December 31, 2024 | 105.0 |  |  | 38.8 |  |  | 3.7 |  |  | 42.5 |
Class B stock ($0.025 par value) |  |  |  |  |  |  |
September 30, 2025 | 80.0 |  |  | 13.3 |  |  | — |  |  | 13.3 |
December 31, 2024 | 80.0 |  |  | 13.3 |  |  | — |  |  | 13.3 |
Class C stock ($0.025 par value) |  |  |  |  |  |  |
September 30, 2025 | 20.0 |  |  | — |  |  | 0.5 |  |  | 0.5 |
December 31, 2024 | 20.0 |  |  | — |  |  | 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, 2025, and December 31, 2024. 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 share repurchases during the three and nine months ended September 30, 2024, and the following repurchases occurred during the three and nine months ended September 30, 2025:
| Three Months Ended September 30, |  |  |  | Nine Months Ended September 30, |  |
| 2025 |  |  |  | 2025 |  |
Shares of Class A common stock | 42,880 |  |  |  |  | 1,439,535 |  |  |
Weighted average price per share | $ | 5.20 |  |  |  |  | $ | 5.40 |  |  |
Total repurchases during the period (in millions) | $ | 0.2 |  |  |  |  | $ | 7.8 |  |  |
As of September 30, 2025, there were $69.7 million of authorized repurchases remaining under the program. In March 2024, 294,875 shares of class B common stock were converted to class A common stock, and the class B common shares were canceled and returned to the status of authorized but unissued shares. In accordance with the Articles of Incorporation, dividends are paid equally for all three classes of common stock. The Company’s Board of Directors suspended the Company’s quarterly dividends beginning in the second quarter of 2020. On February 15, 2024, the Board of Directors reinstated the Company’s quarterly dividends. The dividend activity related to the then outstanding shares for the nine months ended September 30, 2025, is as follows:
| Declaration Date |  | Record Date |  | Payment Date |  | Dividend Amount per Share
2025 |  |  |  |  |  |  |
Q3 Dividend | July 21, 2025 |  | August 18, 2025 |  | September 5, 2025 |  | $ | 0.075 |
Q2 Dividend | April 22, 2025 |  | May 22, 2025 |  | June 6, 2025 |  | $ | 0.075 |
Q1 Dividend | February 12, 2025 |  | February 28, 2025 |  | March 14, 2025 |  | $ | 0.075 |

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