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Stockholders' Equity | 6 Months Ended
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Jun. 30, 2024
Equity [Abstract] |
Stockholders' Equity | Stockholders’ Equity On April 1, 2024, we repurchased 5,000,000 shares of our outstanding common stock from REH Company (“REH Company” and together with its affiliate REH Advisors Inc., “REH”) in a privately negotiated transaction under the share repurchase program approved by our Board of Directors in August 2023 (the “August 2023 Share Repurchase Program”) and pursuant to the Stock Purchase Agreement, dated April 1, 2024 (the “April 2024 Stock Purchase Agreement”), between us and REH Company. The price paid under the April 2024 Stock Purchase Agreement was $59.22 per share resulting in an aggregate purchase price of $296.1 million. The purchase price was funded with cash on hand. As of May 7, 2024, we had repurchased $785.8 million under the August 2023 Share Repurchase Program. On May 7, 2024, our Board of Directors approved a new $1.0 billion share repurchase program (the “May 2024 Share Repurchase Program”), which replaced all existing share repurchase programs, including the approximately $214.2 million remaining under the August 2023 Share Repurchase Program. The May 2024 Share Repurchase Program authorizes us to repurchase common stock in the open market or through privately negotiated transactions. Privately negotiated repurchases from REH are also authorized under the May 2024 Share Repurchase Program, subject to REH’s interest in selling its shares and other limitations. The timing and amount of share repurchases, including those from REH, will depend on market conditions and corporate, tax, regulatory and other relevant considerations. In addition, we are authorized by our Board of Directors to repurchase shares in an amount sufficient to offset shares issued under our compensation programs. The May 2024 Share Repurchase Program may be discontinued at any time by our Board of Directors. On May 14, 2024, we repurchased 1,348,435 shares of our outstanding common stock from REH Company in a privately negotiated transaction under the May 2024 Share Repurchase Program and pursuant to the Stock Purchase Agreement, dated May 14, 2024 (the “May 2024 Stock Purchase Agreement”), between us and REH Company. The price paid under the May 2024 Stock Purchase Agreement was $55.62 per share resulting in an aggregate purchase price of $75.0 million. The purchase price was funded with cash on hand. As of June 30, 2024, we had remaining authorization to repurchase up to $925.0 million under the May 2024 Share Repurchase Program. The following table presents the total open market and privately negotiated purchases of shares under our share repurchase programs for the three and six months ended June 30, 2024 and 2023:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Number of shares repurchased (1) |  | 6,348,435 |  | — |  | 9,279,177 |  | 4,793,857
Cash paid for shares repurchased (in thousands) |  | $ | 371,100 |  |  | $ | — |  |  | $ | 537,228 |  |  | $ | 240,323 |
(1)During the six months ended June 30, 2024, 7,864,761 shares were repurchased for $456.1 million, pursuant to privately negotiated repurchases from REH Company. During the six months ended June 30, 2023, 1,969,279 shares were repurchased for $100.0 million pursuant to privately negotiated repurchases from REH Company. During the six months ended June 30, 2024 and 2023, we withheld 59,626 and 18,349 shares, respectively, of our common stock under the terms of stock-based compensation agreements to provide funds for the payment of payroll and income taxes due at the vesting of share-based awards. On August 1, 2024, our Board of Directors announced that it declared a regular quarterly dividend in the amount of $0.50 per share, payable on September 5, 2024 to holders of record of common stock on August 21, 2024.

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