Capital Stock

3 Months Ended

Mar. 31, 2023

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 March 31, 2023 and 2022, the only dilutive common shares outstanding relate to the Company’s outstanding stock awards and options. For the three-month periods ended March 31, 2023 and 2022, 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 2023, the Company’s board of directors declared a quarterly cash dividend of $0.39 per share. This quarterly cash dividend of $19.4 million was paid on March 8, 2023 to stockholders of record on February 27, 2023. In April 2023, the board of directors declared a quarterly cash dividend of $0.39 per share to be paid on June 7, 2023 to stockholders of record on May 26, 2023.

Repurchase of common stock

During the three-month periods ended March 31, 2023 and 2022, the Company repurchased zero and 0.2 million shares of its Class A common stock under its stock repurchase plans for zero and $10.0 million, respectively.  As of March 31, 2023, $175.4 million was available for repurchases under the Company’s stock repurchase plan.