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Shareholders' Equity
 3 Months Ended
Mar. 31, 2025
Stockholders' Equity Note [Abstract]  
Shareholders' Equity
21.
Shareholders’ Equity

At March 31, 2025, the Company did not have any preferred stock issued or outstanding (5,000,000 shares authorized with $0.01 par value).

 

At March 31, 2025, the Company had 182,500,601 shares issued and 151,520,991 shares outstanding of common stock (260,000,000 shares authorized with $0.01 par value).

 

Share Repurchase Program

In May 2023, the Company’s Board of Directors approved a share repurchase program (the “2023 Repurchase Program”) authorizing the purchase of up to $500.0 million of the Company’s common stock over a two-year period, in amounts, at prices, and at such times as management deems appropriate, subject to market conditions, legal requirements and other considerations. At March 31, 2025, $359.9 million remains available for future purchase under the 2023 Repurchase Program.

During the three months ended March 31, 2025, the Company purchased a total of 200,731 shares at an aggregate cost of $10.0 million under the 2023 Repurchase Program. At March 31, 2025 the Company held 30,979,610 shares of treasury stock at cost.

 

During the three months ended March 31, 2024, the Company did not purchase any shares under the 2023 Repurchase Program.

In August 2022, the Inflation Reduction Act (“IRA”) was signed into law in the United States. The IRA introduced new tax provisions, including a 1.0% excise tax on stock repurchases. The Company expects additional guidance and regulations to be issued in future periods and will continue to assess its potential impact on its business as further information becomes available. The estimated excise tax on our stock repurchases was de minimis and was recorded in other current liabilities and additional paid in capital for the three months ended March 31, 2025.

Stock-Based Compensation

The Company recorded stock-based compensation expense as follows in the unaudited condensed consolidated statements of operations and comprehensive income (in millions):

 

 

Three Months Ended
March 31,

 

 

 

2025

 

 

2024

 

 

Stock options

 

$

0.5

 

 

$

0.4

 

 

Restricted stock units

 

 

4.7

 

 

 

4.2

 

 

Employee Stock Purchase Plan

 

 

0.4

 

 

 

0.2

 

 

Total stock-based compensation expense

 

$

5.6

 

 

$

4.8

 

 

 

 

Three Months Ended
March 31,

 

 

 

2025

 

 

2024

 

 

Cost of product revenue

 

$

0.5

 

 

$

0.4

 

 

Selling, general and administrative

 

 

4.4

 

 

 

3.9

 

 

Research and development

 

 

0.7

 

 

 

0.5

 

 

Total stock-based compensation expense

 

$

5.6

 

 

$

4.8

 

 

In addition to the awards above, the Company recorded stock-based compensation expense within other charges, net of $0.6 million and $0.5 million in the three months ended March 31, 2025, and 2024, respectively, related to the fair value changes of hybrid instruments associated with the option rights of certain minority shareholders of the Company’s majority owned acquisitions.

At March 31, 2025, the Company expected to recognize pre-tax stock-based compensation expense of $4.0 million associated with outstanding stock option awards granted under the Company's stock plans over the weighted average remaining service period of 2.6 years. The Company also expects to recognize additional pre-tax stock-based compensation expense of $41.7 million associated with outstanding restricted stock units granted under the Company's 2016 Incentive Compensation Plan over the weighted average remaining service period of 2.6 years.