STOCKHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2023

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

8. STOCKHOLDERS’ EQUITY:

Common Stock Shares Outstanding

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands)	2023		2022		2023		2022
Beginning balance		57,351		57,134		56,961		59,913
Common stock issued under employee stock plans		59		61		529		785
Repurchased		(24)		—		(104)		(3,503)
Ending balance		57,386		57,195		57,386		57,195

Common Stock Repurchases

As of December 31, 2022, the Company had $81.3 million remaining under its authorized stock-repurchase program. In the three and nine months ended September 30, 2023 the Company purchased approximately 24,000 shares for $1.8 million and approximately 104,000 shares for $7.8 million, respectively, leaving $73.4 million remaining on the repurchase authorization as of September 30, 2023. Authorization of future repurchase programs is at the discretion of the Company’s board of directors and will depend on the Company’s financial condition, results of operations, capital requirements, business conditions and other factors; the program has no expiration date.

Cash Dividends

In January 2022, the Company’s board of directors declared dividends of $0.18 per share to be paid to stockholders of record at the end of each quarter in 2022. In February 2023, the Company’s board of directors declared dividends of $0.19 per share to be paid to stockholders of record at the end of each quarter in 2023.

In October 2023, the Company’s board of directors raised the quarterly cash dividend again with the declaration of five cash dividends of $0.20 per share to be paid to stockholders of record at the end of the fourth quarter in 2023 (in lieu of the $0.19 per share announced in February 2023) and at the end of each quarter in 2024.

For the three and nine months ended September 30, 2023 and 2022, cash dividends declared and paid were as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands, except per share amounts)	2023		2022		2023		2022
Dividends declared and paid	$	10,904	$	10,293	$	32,665	$	31,229
Dividends declared per common share	$	0.19	$	0.18	$	0.57	$	0.54