Stockholders' Equity

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Common and Preferred Stock

The following table provides details with respect to the changes to the number of shares of common stock, $0.01 par value, outstanding during the first nine months of 2024 (in thousands):

	Outstanding
Shares of common stock outstanding – December 31, 2023	63,327
Restricted stock awards, net of forfeitures	1,384
Shares withheld for taxes on vesting of stock awards	(411)
Purchases of treasury stock	(1,189)
Shares of common stock outstanding – September 30, 2024	63,111

As of September 30, 2024 and December 31, 2023, the Company had 25,000,000 shares of preferred stock, $0.01 par value, authorized, with no shares issued or outstanding.

On February 16, 2023, the Company’s Board of Directors authorized $25.0 million for the repurchase of the Company’s common stock, par value $0.01 per share, through February 2025. Subject to applicable securities laws, such purchases will be at such times and in such amounts as the Company deems appropriate. During the three months ended September 30, 2024, the Company purchased 646 thousand shares of common stock under the program at a total cost of $3.1 million. During the nine months ended September 30, 2024, the Company purchased 1.2 million shares of common stock under the program at a total cost of $5.5 million.

The amount remaining under the Company’s existing share repurchase authorization as of September 30, 2024 was $12.6 million. On October 24, 2024, the Company’s Board of Directors terminated the Company’s existing common stock repurchase program and replaced it with a new $50.0 million common stock repurchase authorization, which expires in October 2026.

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss, reported as a component of stockholders’ equity, primarily relates to fluctuations in currency exchange rates against the U.S. dollar as used to translate certain of the international operations of the Company’s operating segments. Accumulated other comprehensive loss decreased from $70.0 million at December 31, 2023 to $66.6 million at September 30, 2024. For the three and nine months ended September 30, 2024 and 2023, currency translation adjustments recognized as a component of other comprehensive income were primarily attributable to the United Kingdom and Brazil.

During the nine months ended September 30, 2024, the exchange rates for the British pound strengthened by 5% compared to the U.S. dollar while the Brazilian real weakened by 11% compared to the U.S. dollar, contributing to other comprehensive income of $3.4 million. During the nine months ended September 30, 2023, the exchange rates for the British pound and the Brazilian real strengthened by 1% and 4%, respectively, compared to the U.S. dollar, contributing to other comprehensive income of $1.7 million.