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STOCKHOLDERS' EQUITY | 6 Months Ended
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Jun. 30, 2024
Stockholders' Equity Note [Abstract] |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY A summary of changes in stockholders’ equity is presented below (in thousands):
|  | Six Months Ended June 30, 2024 |
|  | (In thousands) |
|  | Number of Shares |  | Common Stock |  | Additional Paid-In Capital |  | Retained Earnings |  | Total |
Balance at December 31, 2023 |  | 36,425 |  |  | $ | 364 |  |  | $ | 290,955 |  |  | $ | 4,320,581 |  |  | $ | 4,611,900 |  |
Net earnings |  | — |  |  | — |  |  | — |  |  | 186,016 |  |  | 186,016 |  |
Stock-based compensation expense |  | — |  |  | — |  |  | 6,114 |  |  | — |  |  | 6,114 |  |
Issuance of stock |  | 256 |  |  | 3 |  |  | (3) |  |  | — |  |  | — |  |
Dividends declared |  | — |  |  | — |  |  | — |  |  | (27,239) |  |  | (27,239) |  |
Share repurchases |  | (362) |  |  | (4) |  |  | (56,214) |  |  | — |  |  | (56,218) |  |
Balance at March 31, 2024 |  | 36,319 |  |  | $ | 363 |  |  | $ | 240,852 |  |  | $ | 4,479,358 |  |  | $ | 4,720,573 |  |
Net earnings |  | — |  |  | — |  |  | — |  |  | 231,555 |  |  | 231,555 |  |
Stock-based compensation expense |  | — |  |  | — |  |  | 4,718 |  |  | — |  |  | 4,718 |  |
Issuance of stock |  | 8 |  |  | — |  |  | — |  |  | — |  |  | — |  |
Dividends declared |  | — |  |  | — |  |  | — |  |  | (27,245) |  |  | (27,245) |  |
Capped call transactions, net of tax |  | — |  |  | — |  |  | (47,067) |  |  | — |  |  | (47,067) |  |
Balance at June 30, 2024 |  | 36,327 |  |  | $ | 363 |  |  | $ | 198,503 |  |  | $ | 4,683,668 |  |  | $ | 4,882,534 |  |
|  | Six Months Ended June 30, 2023
|  | (In thousands)
|  | Number of Shares |  | Common Stock |  | Additional Paid-In Capital |  | Retained Earnings |  | Total
Balance at December 31, 2022 |  | 36,571 |  |  | $ | 366 |  |  | $ | 327,878 |  |  | $ | 3,621,367 |  |  | $ | 3,949,611 |
Net earnings |  | — |  |  | — |  |  | — |  |  | 131,301 |  |  | 131,301 |
Stock-based compensation expense |  | — |  |  | — |  |  | 6,225 |  |  | — |  |  | 6,225 |
Issuance of stock |  | 287 |  |  | 3 |  |  | (3) |  |  | — |  |  | — |
Dividends declared |  | — |  |  | — |  |  | — |  |  | (9,927) |  |  | (9,927) |
Share repurchases |  | (93) |  |  | (1) |  |  | (9,999) |  |  | — |  |  | (10,000) |
Balance at March 31, 2023 |  | 36,765 |  |  | $ | 368 |  |  | $ | 324,101 |  |  | $ | 3,742,741 |  |  | $ | 4,067,210 |
Net earnings |  | — |  |  | — |  |  | — |  |  | 186,836 |  |  | 186,836 |
Stock-based compensation expense |  | — |  |  | — |  |  | 4,176 |  |  | — |  |  | 4,176 |
Dividends declared |  | — |  |  | — |  |  | — |  |  | (9,927) |  |  | (9,927) |
Balance at June 30, 2023 |  | 36,765 |  |  | 368 |  |  | 328,277 |  |  | 3,919,650 |  |  | 4,248,295 |
During the three months ended June 30, 2024 and 2023, our Board of Directors approved, and we paid, a quarterly cash dividend on common stock of $0.75 and $0.27 per share, respectively. Quarterly dividends declared and paid during the six months ended June 30, 2024 and 2023, totaled $1.50 and $0.54 per share, respectively. During the three and six months ended June 30, 2024 and 2023, we reflected the applicable excise tax on share repurchases in Additional paid-in capital as part of the cost basis of the stock repurchased and recorded a corresponding liability in Accrued liabilities on the accompanying unaudited consolidated balance sheets.

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