STOCKHOLDERS' EQUITY |
STOCKHOLDERS’ EQUITY A summary of changes in stockholders’ equity is presented below (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2024 | | | | (In thousands) | | | | Number of Shares | | Common Stock | | Additional Paid-In Capital | | Retained Earnings | | Total | | Balance at December 31, 2023 | | 36,425 | | | $ | 364 | | | $ | 290,955 | | | $ | 4,320,581 | | | $ | 4,611,900 | | | Net earnings | | — | | | — | | | — | | | 186,016 | | | 186,016 | | | Stock-based compensation expense | | — | | | — | | | 6,114 | | | — | | | 6,114 | | | Issuance of stock | | 256 | | | 3 | | | (3) | | | — | | | — | | | Dividends declared | | — | | | — | | | — | | | (27,239) | | | (27,239) | | | Share repurchases | | (362) | | | (4) | | | (56,214) | | | — | | | (56,218) | | | Balance at March 31, 2024 | | 36,319 | | | $ | 363 | | | $ | 240,852 | | | $ | 4,479,358 | | | $ | 4,720,573 | | | Net earnings | | — | | | — | | | — | | | 231,555 | | | 231,555 | | | Stock-based compensation expense | | — | | | — | | | 4,718 | | | — | | | 4,718 | | | Issuance of stock | | 8 | | | — | | | — | | | — | | | — | | | Dividends declared | | — | | | — | | | — | | | (27,245) | | | (27,245) | | | | | | | | | | | | | | | Capped call transactions, net of tax | | — | | | — | | | (47,067) | | | — | | | (47,067) | | | Balance at June 30, 2024 | | 36,327 | | | $ | 363 | | | $ | 198,503 | | | $ | 4,683,668 | | | $ | 4,882,534 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2023 | | | (In thousands) | | | Number of Shares | | Common Stock | | Additional Paid-In Capital | | Retained Earnings | | Total | Balance at December 31, 2022 | | 36,571 | | | $ | 366 | | | $ | 327,878 | | | $ | 3,621,367 | | | $ | 3,949,611 | | Net earnings | | — | | | — | | | — | | | 131,301 | | | 131,301 | | Stock-based compensation expense | | — | | | — | | | 6,225 | | | — | | | 6,225 | | Issuance of stock | | 287 | | | 3 | | | (3) | | | — | | | — | | Dividends declared | | — | | | — | | | — | | | (9,927) | | | (9,927) | | Share repurchases | | (93) | | | (1) | | | (9,999) | | | — | | | (10,000) | | Balance at March 31, 2023 | | 36,765 | | | $ | 368 | | | $ | 324,101 | | | $ | 3,742,741 | | | $ | 4,067,210 | | Net earnings | | — | | | — | | | — | | | 186,836 | | | 186,836 | | Stock-based compensation expense | | — | | | — | | | 4,176 | | | — | | | 4,176 | | | | | | | | | | | | | Dividends declared | | — | | | — | | | — | | | (9,927) | | | (9,927) | | | | | | | | | | | | | Balance at June 30, 2023 | | 36,765 | | | 368 | | | 328,277 | | | 3,919,650 | | | 4,248,295 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
During the three months ended June 30, 2024 and 2023, our Board of Directors approved, and we paid, a quarterly cash dividend on common stock of $0.75 and $0.27 per share, respectively. Quarterly dividends declared and paid during the six months ended June 30, 2024 and 2023, totaled $1.50 and $0.54 per share, respectively. During the three and six months ended June 30, 2024 and 2023, we reflected the applicable excise tax on share repurchases in Additional paid-in capital as part of the cost basis of the stock repurchased and recorded a corresponding liability in Accrued liabilities on the accompanying unaudited consolidated balance sheets.
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