Capital Stock

9 Months Ended

Sep. 30, 2022

Capital Stock [Abstract]

Capital Stock

6. Capital Stock

Net income per share

Net income per share is computed based on the weighted-average number of common shares outstanding during the periods presented. Additionally, diluted earnings per share data gives effect to all potentially dilutive common shares that were outstanding during the periods presented. For the three-month periods ended September 30, 2022 and 2021, stock options of 0.5 million and 0.1 million, respectively, and for the nine-month periods ended September 30, 2022 and 2021, stock options of 0.1 million and 0.1 million, respectively, were excluded from the calculation of diluted earnings per share because they were anti-dilutive.

Dividends

In February, May and August 2022, the Company’s board of directors declared quarterly cash dividends of $0.385 per share. These quarterly cash dividends of $19.3 million, $19.4 million and $19.3 million were paid on March 9, 2022, June 8, 2022 and September 7, 2022, respectively, to stockholders of record on February 28, 2022, May 27, 2022 and August 26, 2022, respectively. In October 2022, the Company’s board of directors declared a quarterly cash dividend of $0.385 per share to be paid on December 7, 2022 to stockholders of record on November 25, 2022.

Repurchase of common stock

During the three-month periods ended September 30, 2022 and 2021, the Company repurchased 1.0 million and 0.2 million shares of its Class A common stock under its stock repurchase plan for $40.0 million and $10.0 million, respectively. During the nine-month periods ended September 30, 2022 and 2021, the Company repurchased 1.4 million shares and 1.4 million shares of its Class A common stock under its stock repurchase plan for $60.0 million and $70.4 million, respectively. As of September 30, 2022, $185.4 million was available for repurchases under the Company’s stock repurchase plan.