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Equity | 3 Months Ended
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Mar. 31, 2024
Equity [Abstract] |
Equity | 13. Equity Stock Repurchase Program Pursuant to a share repurchase program that was publicly announced in February 2021, and subsequently amended in October 2021 and February 2023, the Board of Directors of the Company authorized the repurchase of up to $500 million in shares of our common stock, effective as of March 31, 2023. The Board of Directors reset the total repurchase authorization to $1.4 billion in shares of our common stock, effective as of February 6, 2024, which authorization replaced the Company’s prior $500 million authorization. Under this repurchase program, shares of common stock may be repurchased from time to time in open market transactions, in privately negotiated transactions, or otherwise, including through Rule 10b5-1 plans. The timing and actual number of shares of common stock repurchased will depend on a variety of factors, including legal requirements and price, economic, and market conditions. In addition to repurchases of common stock, the repurchase program is used for the payment of tax withholding amounts upon net share settlement of equity-based awards granted pursuant to our Equity Incentive Plan or otherwise based on the value of shares withheld that would have otherwise been issued to the award holder. The share repurchase program may be suspended or discontinued at any time and does not have a specified expiration date. As of March 31, 2024, $1,256.9 million of repurchase capacity remained under the program, which reflects both common shares repurchased and shares retired in connection with the net share settlement of equity-based awards. The following table presents the Company’s shares that have been repurchased or retired as a result of net share settlement of equity-based awards during the three months ended March 31, 2024 and 2023:
| Three Months Ended March 31,
| 2024 |  | 2023
(Dollars in millions) | Shares | $ |  | Shares | $
Shares repurchased | 2,853,602 | $130.6 |  | 2,998,813 | $100.3
Shares retired in connection with the net share settlement of equity-based awards | 481,261 | 19.4 |  | — | —
Total | 3,334,863 | $150.0 |  | 2,998,813 | $100.3
The IRA also enacted a 1% excise tax on certain actual and deemed stock repurchases by publicly traded U.S. corporations effective January 1, 2023. The value of repurchases subject to the tax is reduced by the value of any stock issued by the corporation during the tax year, including stock issued or provided to the employees of the corporation. The excise tax is accounted for in equity as an additional repurchase cost. The excise tax for the three months ended March 31, 2024 was $0.6 million. Excise tax for the three months ended March 31, 2023 was immaterial. Dividends The table below presents information regarding the quarterly dividends on the common shares, which were made at the sole discretion of the Board of Directors of the Company.
Dividend Record Date |  | Dividend Payment Date |  | Dividend per Common Share |  | Dividend to Common Stockholders
|  |  |  | (Dollars in millions, except per share data)
May 16, 2023 |  | May 23, 2023 |  | $0.35 |  | $126.7
August 15, 2023 |  | August 23, 2023 |  | 0.35 |  | 126.3
November 21, 2023 |  | November 29, 2023 |  | 0.35 |  | 126.3
February 23, 2024 |  | March 1, 2024 |  | 0.35 |  | 126.7
Total 2023 Dividend Year |  |  |  | $1.40 |  | $506.0
May 14, 2024 |  | May 21, 2024 |  | $0.35 |  | $126.0
Total 2024 Dividend Year (through Q1 2024) |  | $0.35 |  | $126.0
The Board of Directors will take into account general economic and business conditions, as well as the Company’s strategic plans and prospects, business and investment opportunities, financial condition and obligations, legal, tax and regulatory restrictions, other constraints on the payment of dividends by the Company to its common stockholders or by subsidiaries to the Company, and other such factors as the Board of Directors may deem relevant. In addition, the terms of the Company’s credit facility provide certain limits on the Company’s ability to pay dividends.

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