XML 36 R23.htm IDEA: XBRL DOCUMENT v3.22.4
Stockholders' Equity
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Stockholders' Equity STOCKHOLDERS’ EQUITY
Accumulated other comprehensive income (loss)
The change in accumulated other comprehensive income (loss) related to our interest rate derivatives, net of taxes, was as follows (in thousands):
Year Ended December 31,
202220212020
Accumulated loss at beginning of period$(227)$(8,763)$(7,143)
Unrealized gain (loss) in fair value of interest rate derivatives37,885 6,151 (2,601)
Reclassification of realized net losses to earnings2,902 2,385 981 
Accumulated gain (loss) at end of period $40,560 $(227)$(8,763)
The reclassifications of realized net losses to earnings in the above table are recorded within interest expense, net.
Share repurchases
On February 24, 2022, we announced that our board of directors authorized an extension of our previous stock repurchase program through March 1, 2023 and concurrently authorized an increase in the total amount of our outstanding common stock we can purchase up to $200.0 million. On August 4, 2022, we announced that our board of directors authorized a new stock repurchase program which replaces our previous program. The new stock repurchase program allows for the repurchase of up to $200.0 million of our outstanding common stock through August 10, 2023. As of December 31, 2022, we had $162.1 million remaining on that stock repurchase program. On February 22, 2023, we announced that our board of directors authorized a new
stock repurchase program that allows for the repurchase of up to $200.0 million of our outstanding common stock. The new program replaces the previous program and is in effect through March 1, 2024. The effect of these treasury shares in reducing the number of common shares outstanding is reflected in our earnings per share calculation.
During the year ended December 31, 2022, we repurchased approximately 1.5 million shares of our common stock with an aggregate price of approximately $137.6 million, or $91.54 average price per share. During the year ended December 31, 2020 we repurchased 633 thousand shares of our outstanding common stock with an aggregate price of approximately $33.9 million, or $53.57 average price per share. We did not repurchase any shares during the year ended December 31, 2021.
Dividends
During the year ended December 31, 2022, we declared and paid the following cash dividends (amount declared and amount paid in thousands):
Declaration DateRecord DatePayment DateDividend Per ShareAmount DeclaredAmount Paid
2/24/20223/15/20223/31/2022$0.90 $26,585 $26,242 
2/24/20223/15/20223/31/20220.315 9,305 9,184 
5/5/20226/15/20226/30/20220.315 9,054 8,982 
8/4/20229/15/20229/30/20220.315 9,018 8,945 
11/03/202212/15/202212/31/20220.315 8,917 8,845 
During the year ended December 31, 2021, we declared and paid the following cash dividends (amount declared and amount paid in thousands):

Declaration DateRecord DatePayment DateDividend Per ShareAmount DeclaredAmount Paid
2/23/20213/15/20213/31/2021$0.30 $8,907$8,786 
5/5/20216/15/20216/30/20210.30 8,9108,821 
8/5/20219/15/20219/30/20210.30 8,9128,821 
11/4/202112/15/202112/31/20210.30 8,9118,866 
The amount of dividends declared may vary from the amount of dividends paid in a period due to the vesting of restricted stock awards and performance share awards, which accrue dividend equivalent rights that are paid when the award vests. During the year ended December 31, 2022, we also paid $0.5 million in accrued dividends not included in the table above related to the vesting of these awards. The payment of future dividends will be at the discretion of our board of directors and will depend on our future earnings, capital requirements, financial condition, future prospects, results of operations, contractual restrictions, legal requirements, and other factors deemed relevant by our board of directors. We did not declare or pay any cash dividends on our capital stock during the year ended December 31, 2020.
Our credit facilities place restrictions on the amount of dividends and stock repurchases we can make during a fiscal year. See Note 8, Long-Term Debt, for more information.