Common Stock

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Common Stock

Common Stock

Dividends

The Company declared dividends per common share, including DERs (Note 11), during the periods presented as follows:

	Dividends per Common Share		Amount (in thousands)
2022:
Second Quarter	$	0.180	$	13,400
First Quarter	0.180		13,473
Total dividends declared in 2022	$	0.360	$	26,873
2021:
Fourth Quarter	$	0.165	$	12,619
Third Quarter	0.165		12,692
Second Quarter	0.165		12,768
First Quarter	0.165		12,767
Total dividends declared in 2021	$	0.660	$	50,846

During the third quarter of 2022, the Company's Board of Directors declared a dividend of $0.180 per share of common stock to shareholders of record as of September 2, 2022 and payable on September 16, 2022.

Share Repurchase Program

On April 28, 2022, the Company's Board of Directors authorized the Company to repurchase up to an additional $150.0 million of its issued and outstanding common stock, bringing the total authorization up to $350.0 million as of June 30, 2022.

Share repurchases may be effected from time to time in open market or privately negotiated transactions, including transactions with affiliates, with the timing of purchases and the amount of stock purchased generally determined at the discretion of the Company consistent with the Company's general working capital needs and within the constraints of the Company’s credit agreement.

On May 10, 2019, in connection with this share repurchase program, the Company entered into an agreement with Magnus Holdings Co., Ltd. (“Magnus”), a wholly-owned subsidiary of Fila Holdings Corp., to purchase from Magnus an equal amount of its common stock as it purchases on the open market, up to an aggregate of $24.9 million, at the same weighted average per share price (the "2019 Agreement"). As the Company repurchased a cumulative total of $24.9 million of common stock through open market purchases, the determination date, as defined in the 2019 Agreement, was automatically triggered on March 18, 2021. As a result, on April 2, 2021, the Company repurchased 355,341 shares of common stock for an aggregate of $11.1 million from Magnus, in satisfaction of its obligations under the 2019 Agreement.

On November 8, 2021, the Company entered into a new agreement with Magnus to purchase from Magnus an equal amount of its common stock as it purchases on the open market, up to an aggregate of $37.5 million, at the same weighted average per share price (the "2021 Agreement"). In relation to the 2021 Agreement, the Company recorded a share repurchase liability of $29.2 million for 537,839 shares of common stock, which was included in accrued expenses and other liabilities and treasury stock on the consolidated balance sheet as of December 31, 2021. Between January 1, 2022 and January 14, 2022, the Company repurchased an additional 161,980 shares of its common stock on the open market for an aggregate of $8.3 million, bringing the cumulative total open market purchases to $37.5 million. As a result, on January 24, 2022, the Company repurchased 699,819 shares of common stock for an aggregate of $37.5 million from Magnus, in satisfaction of its obligations under the 2021 Agreement.

On June 16, 2022, the Company entered into a new agreement with Magnus to purchase from Magnus an equal amount of its common stock as it purchases on the open market over the period of time from July 1, 2022 through January 13, 2023, up to an aggregate of $75.0 million, at the same weighted average per share price (the "2022 Agreement").

The Company's share repurchase activity for the periods presented was as follows:

	Three months ended June 30,				Six months ended June 30,
(in thousands, except share and per share amounts)	2022		2021		2022		2021
Shares repurchased in the open market:
Shares repurchased	950,225		88,500		1,414,205		144,656
Average price	$	41.11	$	49.51	$	42.90	$	46.73
Aggregate value	$	39,068	$	4,383	$	60,675	$	6,760
Shares repurchased from Magnus:
Shares repurchased	—		355,341		699,819		355,341
Average price (1)	$	—	$	31.31	$	53.59	$	31.31
Aggregate value	$	—	$	11,125	$	37,501	$	11,125
Total shares repurchased:
Shares repurchased	950,225		443,841		2,114,024		499,997
Average price	$	41.11	$	34.94	$	46.44	$	35.77
Aggregate value	$	39,068	$	15,508	$	98,176	$	17,885

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(1)    In accordance with the share repurchase agreement, shares purchased from Magnus are accrued for at the same weighted average price as those purchased on the open market, as if the purchase from Magnus had occurred on the same day. As such, the average price of Magnus repurchases during the current period will differ from open market purchases due to the settlement of the previously recorded share repurchase liability, as well as, open market purchases made after the completion of the Magnus Share repurchase agreement.

As of June 30, 2022, the Company had $150.0 million remaining under the current share repurchase authorization, including $75.0 million related to the 2022 Agreement. On July 26, 2022, the Board of Directors authorized the Company to repurchase up to an additional $100.0 million of its issued and outstanding common stock, bringing the total authorization up to $450.0 million since the share repurchase program was established in 2019. This program will remain in effect until completed or until terminated by the Board of Directors.