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Stock Repurchase Program | 3 Months Ended
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Mar. 31, 2026
Stock Repurchase Program |
Stock Repurchase Program | Note 21 — Stock Repurchase Program On January 21, 2026, the Board of Directors of the Company approved a stock repurchase plan for the repurchase of up to 5,560,000 shares of the Company’s common stock (the “2026 Repurchase Plan”). The 2026 Repurchase Plan replaces the Company’s 2025 Repurchase Plan, under which 560,000 shares remained available for repurchase. The 2025 Repurchase Plan was cancelled in connection with the Board’s approval of the 2026 Repurchase Plan. During the first quarter of 2026, the Company repurchased a total of 1,500,000 shares at a weighted average price of $100.87 per share (including commission paid) pursuant to the 2026 Stock Repurchase Plan. Based on the shares repurchased through the 2026 Repurchase Plan in the first quarter of 2026, the Company accrued an estimated excise tax of approximately $1.8 million during the quarter to be paid in 2027. This excise tax of 1% on the fair market value of corporate stock repurchased was enacted under the Inflation Reduction Act of 2022 for stock repurchases and is recorded against Surplus in shareholders’ equity when accrued. During the first quarter of 2025, the Company did not repurchase any shares pursuant to the 2025 Repurchase Plan. ​ The Company repurchased 89,446 and 109,712 shares at a cost of $9.1 million and $11.2 million, respectively, during the three months ended March 31, 2026 and 2025 under other arrangements whereby directors or officers surrender shares to the Company to cover the option cost for stock option exercises or tax liabilities resulting from the vesting of restricted stock awards or restricted stock units.

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- Definition The entire disclosure for treasury stock, including, but not limited to, average cost per share, description of share repurchase program, shares repurchased, shares held for each class of treasury stock. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505-30/tableOfContent + Details
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