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Equity | 6 Months Ended
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Jun. 30, 2025
Equity [Abstract] |
Equity | 13. Equity Share Repurchase Program The Board of Directors reset the total repurchase authorization of the Company’s previously approved share repurchase program to $1.4 billion in shares of the Company’s common stock, effective as of February 6, 2024. Under the share repurchase program, shares of the Company’s 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 share 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 June 30, 2025, $572.0 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 and six months ended June 30, 2025 and 2024. Dollar amounts exclude the impact of excise taxes.
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| Shares | $ |  | Shares | $ |  | Shares | $ |  | Shares | $
|  |  |  |  |  |  | (Dollars in millions, except share data)
Shares repurchased | 2,173,966 | $100.0 |  | 3,505,301 | $150.0 |  | 2,667,747 | $125.0 |  | 6,358,903 | $280.6
Shares retired in connection with the net share settlement of equity-based awards | 92,001 | 3.6 |  | 633,886 | 28.3 |  | 2,927,355 | 155.1 |  | 1,115,147 | 47.7
Total | 2,265,967 | $103.6 |  | 4,139,187 | $178.3 |  | 5,595,102 | $280.1 |  | 7,474,050 | $328.3
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 14, 2024 |  | May 21, 2024 |  | $0.35 |  | $125.6
August 16, 2024 |  | August 26, 2024 |  | 0.35 |  | 125.5
November 18, 2024 |  | November 25, 2024 |  | 0.35 |  | 125.2
February 21, 2025 |  | February 28, 2025 |  | 0.35 |  | 126.4
Total 2024 Dividend Year |  |  |  | $1.40 |  | $502.7
May 19, 2025 |  | May 27, 2025 |  | $0.35 |  | $126.3
August 18, 2025 |  | August 28, 2025 |  | 0.35 |  | 126.6
Total 2025 Dividend Year (through Q2 2025) |  | $0.70 |  | $252.9
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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