Stockholders' Equity (Notes)

9 Months Ended

Sep. 30, 2023

Stockholders' Equity Note [Abstract]

Stockholders Equity

6. Stockholders' Equity

During the first nine months of 2023, we repurchased or withheld an aggregate of 1,258,702 shares of our common stock, as described below.

Repurchase Program

Our Board of Directors (the “Board”) has authorized a program to repurchase shares of our outstanding common stock (“Repurchase Program”). The purchases may be made from time to time in the open market or directly from stockholders at prevailing market prices based on market conditions and other factors. During the nine months ended September 30, 2023, 1,062,598 shares were repurchased under the Repurchase Program. On August 1, 2023, we announced that our Board authorized an increase of 2,000,000 shares that may be repurchased under the Repurchase Program. As of September 30, 2023, we were authorized to repurchase an additional 1,969,562 shares under the Repurchase Program.

The Inflation Reduction Act of 2022, which was enacted into law on August 16, 2022, imposes a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. During the nine months ended September 30, 2023, we recorded the applicable excise tax in treasury stock as part of the cost basis of stock repurchased and recorded a corresponding liability for the excise tax payable in other accrued liabilities in our Condensed Consolidated Balance Sheet.

Withheld Shares

During the nine months ended September 30, 2023, we withheld 196,104 shares to satisfy tax withholding obligations for the vesting of long-term incentive and restricted stock awards.

Dividends

The Board declared quarterly dividends as follows:

(amounts per share)	2023		2022
First quarter	$	0.52	$	0.45
Second quarter	0.57		0.52
Third quarter	0.57		0.52

During the nine months ended September 30, 2023 and 2022, we paid dividends totaling $63.0 million and $56.9 million, respectively.