Capital Stock

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Capital Stock

Capital Stock

Shares of Common Stock

The following table shows the changes in common stock outstanding for the year-to-date periods ended March 31, 2023, and December 31, 2022.

Common stock outstanding
(In thousands)	March 31, 2023	December 31, 2022
Balance at beginning of period	157,056	175,421
Shares repurchased under share repurchase programs	(716)	(19,506)
Issuance of common stock under incentive and benefit plans, net of shares withheld for employee taxes	207	1,141
Balance at end of period	156,547	157,056

Share Repurchase Activity

From time to time, Radian Group’s board of directors approves share repurchase programs authorizing the Company to repurchase Radian Group common stock in the open market or in privately negotiated transactions, based on market and business conditions, stock price and other factors. Radian generally operates its share repurchase programs pursuant to a

trading plan under Rule 10b5-1 of the Exchange Act, which permits the Company to purchase shares, at predetermined price targets, when it may otherwise be precluded from doing so.

In January 2023, Radian Group’s board of directors approved a share repurchase program authorizing the Company to spend up to $300 million, excluding commissions, to repurchase Radian Group common stock in the open market or in privately negotiated transactions, based on market and business conditions, stock price and other factors. Radian has implemented a trading plan under Rule 10b5-1 of the Exchange Act, which permits the Company to purchase shares, at predetermined price targets, when it may otherwise be precluded from doing so. The authorization will expire in January 2025.

During the three months ended March 31, 2023, the Company purchased 716 thousand shares at an average price of $20.97 per share, including commissions. As of March 31, 2023, purchase authority of up to $285.0 million remained available under this program.

During April 2023, the Company purchased an additional 229 thousand shares of its common stock at an average price of $21.88 per share, including commissions. After giving consideration to these purchases, purchase authority of up to $280.0 million remained available under this program.

Dividends and Dividend Equivalents

We declared quarterly cash dividends on our common stock equal to $0.20 per share during each quarter of 2022. In February 2023, Radian Group’s board of directors authorized an increase to the Company’s quarterly dividend from $0.20 to $0.225 per share, beginning with the dividend declared in the first quarter of 2023.

Share-Based and Other Compensation Programs

In the three months ended March 31, 2023, we did not grant any material amounts of performance-based or time-based awards in the form of non-qualified stock options, restricted stock, restricted stock units, phantom stock or stock appreciation rights. See Note 17 of Notes to Consolidated Financial Statements in our 2022 Form 10-K for additional information regarding the Company’s share-based and other compensation programs.