Shareholders' Equity

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Shareholders' Equity

NOTE 15 Shareholders’ Equity

Under the authorization from the Company’s Board of Directors, shares may be purchased from time to time, at the Company’s discretion and subject to the availability of stock, market conditions, the trading price of the stock, alternative uses for capital, the Company’s financial performance and other potential factors. These purchases may be carried out through open market purchases, block trades, accelerated share repurchase plans of up to $100.0 million each (unless otherwise approved by the Board of Directors), negotiated private transactions or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.

From January 1, 2023 to March 31, 2023, the Company completed share repurchases in the open market of 2,100 shares at a total cost of $0.1 million, at an average price of $53.84 per share. No shares were repurchased in the open market for the period of April 1, 2023 to September 30, 2023.

After completing these open market share repurchases, the Company has outstanding approval to purchase up to approximately $249.5 million, in the aggregate, of the Company's outstanding common stock.

During the first quarter, the Company paid a dividend of $0.1150 per share, which was approved by the Board of Directors on January 18, 2023 and paid on February 15, 2023 for a total of $32.6 million. During the second quarter, the Company paid a dividend of $0.1150 per share, which was approved by the Board of Directors on April 24, 2023 and paid on May 17, 2023 for a total of $32.6 million. During the third quarter, the Company paid a dividend of $0.1150 per share, which was approved by the Board of Directors on July 19, 2023 and paid on August 16, 2023 for a total of $32.7 million.

On October 18, 2023 the Board of Directors approved a dividend of $0.1300 per share payable on November 15, 2023 to shareholders of record on November 1, 2023.

Subsequent to September 30, 2023, the Company issued 261,614 shares at a total value of $18.4 million in connection with the acquisition of Kentro Capital Limited.