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Stockholders' Equity | 3 Months Ended
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Mar. 31, 2025
Stockholders' Equity Note [Abstract] |
Stockholders' Equity | Stockholders’ Equity Stock Repurchases The Board authorizes the stock repurchase programs for the Company. The Company may purchase shares on the open market from time to time at current market prices. The Board must authorize the timing and amount of these purchases and all repurchases are in accordance with the rules and regulations of the SEC allowing the Company to repurchase shares from the open market. Our authorized open market repurchase programs during the periods presented are as follows:
Effective Date |  | Authorized Repurchase $ |  | Expiration Date
November 3, 2022 |  | $50 million 1 |  | February 27, 2024
February 27, 2024 |  | $50 million 1 |  | June 4, 2024
June 4, 2024 |  | $50 million 2 |  | June 14, 2024
February 27, 2025 |  | $100 million |  | ** 3, 4
1 Repurchases made in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.
2 Repurchases made in accordance with Rule 10b-18 of the Securities Exchange Act of 1934, as amended.
3 Expiration Date is at Board’s discretion. The Company is authorized to effectuate repurchases of the Company’s common stock on terms and conditions approved in advance by the Board. As of March 31, 2025, approximately $70.0 million remains under the current board authorization.
4 As of March 31, 2025, approximately $30.0 million of shares have been repurchased in accordance with Rule 10b-18 of the Securities Exchange Act of 1934, as amended.
The Company also repurchases shares of AAON, Inc. stock related to our LTIP plans (Note 14) at current market prices. Our repurchase activity is as follows:
|  | Three Months Ended
|  | March 31, 2025 |  | March 31, 2024
|  | (in thousands, except share and per share data)
Program |  | Shares |  | Total $ |  | $ per share |  | Shares |  | Total $ |  | $ per share
Open market |  | 371,139 |  |  | $ | 29,992 |  |  | $ | 80.81 |  |  | — |  |  | $ | — |  |  | $ | — |
LTIP shares 1 |  | 82,664 |  |  | 8,312 |  |  | 100.55 |  |  | 36,860 |  |  | 3,041 |  |  | 82.50 |
Total |  | 453,803 |  |  | $ | 38,304 |  |  | $ | 84.41 |  |  | 36,860 |  |  | $ | 3,041 |  |  | $ | 82.50 |
1 Includes stock repurchased for payment of statutory tax withholding and/or stock repurchased to cover the strike price of stock options.
Cash Dividends At the discretion of the Board, we pay cash dividends. Board approval is required to determine the date of declaration and amount for each cash dividend payment. Our recent cash dividends are as follows:
Declaration Date | Record Date | Payment Date | Dividend per Share | Annualized Dividend per Share
March 5, 2024 | March 18, 2024 | March 29, 2024 | $0.08 | $0.32
May 24, 2024 | June 7, 2024 | June 28, 2024 | $0.08 | $0.32
August 15, 2024 | September 6, 2024 | September 27, 2024 | $0.08 | $0.32
November 13, 2024 | November 29, 2024 | December 19, 2024 | $0.08 | $0.32
March 5, 2025 | March 18, 2025 | March 28, 2025 | $0.10 | $0.40
Contingent Shares Issued in BASX Acquisition In December 2021, we closed on the acquisition of BASX. Under the MIPA Agreement, we committed to $78.0 million in the aggregate of contingent consideration to the former owners of BASX, which is payable in approximately 1.6 million shares of the Company's common stock, par value $0.004 per share. The shares do not accrue dividends. Under the MIPA Agreement, the issuance of shares to the former owners of BASX was contingent upon BASX meeting certain post-closing earn-out milestones during each of the years ended 2021, 2022, and 2023. In March 2024, we issued the remaining 0.2 million shares related to the earn-out milestone for the year ended 2023. As a result of the shares issued in March 2024, the tax basis exceeded the book basis for consideration paid resulting in a deferred tax asset and an increase to additional paid-in capital of $6.4 million, respectively, on our consolidated balance sheet. The deferred tax asset is expected to be amortized over 15 years. All shares have been issued as private placements exempt from registration with the SEC under Rule 506(b) and are included in common stock on the consolidated statements of stockholders' equity.

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