Equity |
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| Equity | NOTE 10. Equity Shares Rollforward The following tables present the changes in the number of shares of Common Stock issued and repurchased (in thousands):
Share Repurchase Program In March 2023, the Company’s Board of Directors approved a new share repurchase program (the “2023 Share Repurchase Program”) authorizing the repurchase of up to $100.0 million of the Company’s Common Stock. Under the 2023 Share Repurchase Program, which took effect in March 2023, the Company may purchase its shares from time to time through March 31, 2025 in privately negotiated transactions, through block trades, pursuant to open market purchases, or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the SEC. The amount and timing of purchases under the 2023 Share Repurchase Program will depend on a number of factors including the price and availability of the Company’s shares, trading volume, capital availability, Company performance and general economic and market conditions. The 2023 Share Repurchase Program can be suspended or discontinued at any time. The former $100.0 million share repurchase program, which took effect in May 2022, was completed in . During the three months ended March 31, 2023, the Company repurchased 1.0 million shares of Common Stock at a total cost of $32.9 million, which included $0.2 million of excise taxes payable on shares repurchased, for an average price of $31.88 per share. During the same period in 2022, 0.3 million shares were repurchased at a total cost of $9.4 million for an average price of $32.26. As of March 31, 2023, a total of $96.0 million was available for future repurchases under the 2023 Share Repurchase Program, and a cumulative total of 8.1 million shares of Common Stock had been repurchased under programs authorized by the Company’s Board of Directors at a total cost of $194.2 million for an average price of $23.87 per share. Shares withheld for net settlement of employee equity awards During the three months ended March 31, 2023, the Company net settled 0.4 million shares of Common Stock for $11.7 million to satisfy $10.0 million in employee tax obligations and $1.7 million in employee stock option exercise prices. During the same period in 2022, 0.3 million shares were net settled for $9.3 million to satisfy $8.1 million of employee tax obligations and $1.2 million of employee stock option exercise prices. Dividend Payments Dividends paid or payable for the three months ended March 31, 2023 totaled $22.5 million and included quarterly dividends of $21.4 million and $1.1 million in cash bonuses and distributions related to dividends previously declared upon vesting of restricted stock. For the three months ended March 31, 2022, dividends paid or payable totaled $17.6 million and included quarterly dividends of $17.2 million and $0.4 million in cash bonuses and distributions related to dividends previously declared upon vesting of restricted stock. As of March 31, 2023 and December 31, 2022, the amount of cash bonuses and distributions related to dividends previously declared on unvested and outstanding restricted share awards and stock options totaled $0.5 million and $1.3 million, respectively, which was not recorded as a liability as of the balance sheet date. A liability will be recorded for these cash bonuses and dividends when the restricted shares and options vest. |
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