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Capital Stock | 6 Months Ended
--- | ---
Jun. 30, 2024
Equity [Abstract] |
Capital Stock | Capital Stock Shares of Common Stock The following table shows the year-to-date changes in common stock outstanding for each of the periods indicated.
Common stock outstanding |  |  |  |
(In thousands) |  | June 30, 2024 |  | December 31, 2023
Balance at beginning of period |  | 153,179 |  |  | 157,056 |
Shares repurchased under share repurchase programs |  | (3,344) |  |  | (5,264) |
Issuance of common stock under incentive and benefit plans, net of shares withheld for employee taxes |  | 1,313 |  |  | 1,387 |
Balance at end of period |  | 151,148 |  |  | 153,179 |
Share Repurchase Activity From time to time, Radian Group’s board of directors approves share repurchase programs authorizing the Company to repurchase Radian Group common stock in the open market or in privately negotiated transactions, based on market and business conditions, stock price and other factors. Radian generally operates its share repurchase programs pursuant to a trading plan under Rule 10b5-1 of the Exchange Act, which provides for share repurchases at predetermined price targets and permits the Company to purchase shares when it may otherwise be precluded from doing so. In January 2023, Radian Group’s board of directors approved a share repurchase program authorizing the Company to spend up to $300 million, excluding commissions, to repurchase Radian Group common stock in the open market or in privately negotiated transactions, based on market and business conditions, stock price and other factors. In May 2024, Radian Group’s board of directors approved an extension of the duration of this program to June 2026, as well as a $600 million increase in authorization for this program, bringing the total authorization to repurchase shares up to $900 million, excluding commissions. Radian has implemented a trading plan under Rule 10b5-1 of the Exchange Act. During the three and six months ended June 30, 2024, the Company purchased 1.6 million and 3.3 million shares at an average price of $31.79 and $29.92 per share, including commissions, respectively. As of June 30, 2024, purchase authority of up to $667 million remained available under this program. The Inflation Reduction Act of 2022 imposed a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. All dollar amounts presented in this report related to our share repurchases and our share repurchase authorizations exclude such excise taxes, to the extent applicable, unless otherwise indicated. Dividends and Dividend Equivalents In February 2024, Radian Group’s board of directors authorized an increase in the Company’s quarterly dividend from $0.225 to $0.245 per share, beginning with the dividend declared and paid in the first quarter of 2024. The following table presents the amount of dividends declared and paid, on a per share basis, for each quarter and annual period as indicated.
Dividends declared and paid |  |  |  |
|  | 2024 |  | 2023
Quarter ended |  |  |  |
March 31 |  | $ | 0.245 |  |  | $ | 0.225 |
June 30 |  | 0.245 |  |  | 0.225 |
September 30 |  | N/A |  | 0.225 |
December 31 |  | N/A |  | 0.225 |
Total annual dividends per share declared and paid |  | $ | 0.490 |  |  | $ | 0.900 |
N/A – Not applicable Dividend equivalents are accrued on RSUs when dividends are declared on the Company’s common stock and are typically paid upon vesting of the shares. See Note 17 of Notes to Consolidated Financial Statements in our 2023 Form 10-K for information about our dividend equivalents on RSU awards. Share-Based and Other Compensation Programs During the second quarter of 2024, certain executive and non-executive officers were granted time-vested and performance-based RSUs to be settled in common stock. The maximum payout of performance-based RSUs at the end of the three-year performance period is 200% of a grantee’s target number of RSUs granted. The vesting of the performance-based RSUs granted to certain executive and non-executive officers is based upon the cumulative growth in Radian’s book value per share over a three-year performance period, adjusted for certain defined items, including our total shareholder return relative to certain peers, and, with the exception of certain retirement-eligible employees, continued service through the vesting date. Performance-based RSUs granted to executive officers are subject to a one-year post-vesting holding period. The time-vested RSU awards granted to certain executive and non-executive officers in the second quarter of 2024 generally vest in pro rata installments on each of the first three anniversaries of the grant date. In addition, time-vested RSU awards, which are generally subject to one-year cliff vesting, were also granted to non-employee directors. See Note 17 of Notes to Consolidated Financial Statements in our 2023 Form 10-K for additional information regarding the Company’s share-based and other compensation programs. Information with regard to RSUs to be settled in stock for the periods indicated is as follows.
Rollforward of RSUs
|  | Performance-Based |  | Time-Vested
|  | Number of Shares |  | Weighted Average Grant Date Fair Value |  | Number of Shares |  | Weighted Average Grant Date Fair Value
Outstanding, December 31, 2023 (1) |  | 2,970,874 |  |  | $ | 18.28 |  |  | 1,786,615 |  |  | $ | 18.16 |
Granted (2) |  | 484,480 |  |  | $ | 29.32 |  |  | 386,882 |  |  | $ | 31.25 |
Performance adjustment (3) |  | 557,957 |  |  | $ | — |  |  | — |  |  | $ | — |
Vested (4) |  | (1,344,579) |  |  | $ | 14.50 |  |  | (515,951) |  |  | $ | 20.44 |
Forfeited |  | (5,066) |  |  | $ | 24.62 |  |  | (3,915) |  |  | $ | 22.38 |
Outstanding, June 30, 2024 (1) |  | 2,663,666 |  |  | $ | 22.62 |  |  | 1,653,631 |  |  | $ | 20.51 |
(1)Outstanding RSUs represent shares that have not yet been issued because not all conditions necessary to earn the right to benefit from the instruments have been satisfied. For performance-based awards, the final number of RSUs distributed depends on: (i) the cumulative growth in Radian’s book value per share adjusted for certain defined items over the respective three-year performance period and for the performance-based RSUs granted in 2023, which also include a modifier based on a comparison of our total shareholder return to the total shareholder return of certain of our peers and (ii) with the exception of certain retirement-eligible employees, continued service through the vesting date, which could result in changes to the number of vested RSUs. (2)For performance-based RSUs, amount represents the number of target shares at grant date. (3)For performance-based RSUs, amount represents the difference between the number of shares vested at settlement, which can range from 0 to 200% of target depending on results over the applicable performance periods, and the number of target shares at the grant date. (4)Represents amounts vested during the period, including the impact of performance adjustments for performance-based awards.

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