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Common Stock
 3 Months Ended
Mar. 31, 2023
Equity [Abstract]  
Common Stock Common Stock
Dividends
The Company declared dividends per common share, including DERs (Note 11), during the periods presented as follows:
Dividends per Common Share
Amount
(in thousands)
2023:
First Quarter$0.195 $13,629 
Total dividends declared in 2023$0.195 $13,629 
2022:
Fourth Quarter$0.180 $12,986 
Third Quarter0.180 13,192 
Second Quarter0.180 13,400 
First Quarter0.180 13,473 
Total dividends declared in 2022$0.720 $53,051 
During the second quarter of 2023, the Company's Board of Directors declared a dividend of $0.195 per share of common stock to shareholders of record as of June 2, 2023 and payable on June 16, 2023.
Share Repurchase Program
As of March 31, 2023, the Board of Directors had authorized the Company to repurchase up to $700.0 million of its issued and outstanding common stock. Share repurchases may be effected from time to time in open market or privately negotiated transactions, including transactions with affiliates, with the timing of purchases and the amount of stock purchased generally determined at the discretion of the Company consistent with the Company's general working capital needs and within the constraints of the Company’s credit agreement.
On November 8, 2021, the Company entered into an agreement with Magnus Holdings Co., Ltd. (“Magnus”), a wholly-owned subsidiary of Fila Holdings Corp., to purchase from Magnus an equal amount of its common stock as it purchases on the open market, up to an aggregate of $37.5 million, at the same weighted average per share price (the "2021 Agreement"). In relation to the 2021 Agreement, on January 24, 2022, the Company purchased 699,819 shares of its common stock for an aggregate of $37.5 million from Magnus, in satisfaction of its obligations under the 2021 Agreement.
On June 16, 2022, the Company entered into an agreement with Magnus to purchase from Magnus an equal amount of its common stock as it purchases on the open market over the period of time from July 1, 2022 through January 13, 2023, up to an aggregate of $75.0 million, at the same weighted average per share price (the "2022 Agreement"). On August 30, 2022, the Company amended and restated the 2022 Agreement to increase the aggregate dollar amount of shares of its common stock that it will purchase from Magnus from $75.0 million to $100.0 million, (the "Amended and Restated 2022 Agreement"). In relation to this agreement, the Company recorded a share repurchase liability of $92.6 million for 2,000,839 shares of common stock, which was included in accrued expenses and other liabilities and treasury stock on the consolidated balance sheet as of December 31, 2022. Between January 1, 2023 and January 13, 2023, the Company purchased an additional 167,689 shares of its common stock on the open market for an aggregate of $7.4 million, bringing the cumulative total open market purchases since the inception of the 2022 Agreement to $100.0 million. As a result, on January 23, 2023, the Company purchased 2,168,528 shares of its common stock from Magnus for an aggregate of $100.0 million, in satisfaction of its obligation under the Amended and Restated 2022 Agreement.
The Company's share repurchase activity for the periods presented was as follows:
Three months ended March 31,
(in thousands, except share and per share amounts)20232022
Shares repurchased in the open market:
Shares repurchased 346,389 463,980 
Average price$46.54 $46.57 
Aggregate value $16,122 $21,607 
Shares repurchased from Magnus:
Shares repurchased2,168,528 699,819 
Average price (1)
$46.11 $53.59 
Aggregate value$100,001 $37,501 
Total shares repurchased:
Shares repurchased2,514,917 1,163,799 
Average price$46.17 $50.79 
Aggregate value$116,123 $59,108 
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(1)    In accordance with the share repurchase agreements, shares purchased from Magnus are accrued for at the same weighted average price as those purchased on the open market, as if the purchase from Magnus had occurred on the same day. As such, the average price of Magnus repurchases during the current period will differ from open market repurchases due to the settlement of the previously recorded share repurchase liability, as well as, open market purchases made after the completion of the Magnus Share repurchase agreements.
As of March 31, 2023, the Company had $291.3 million remaining under the current share repurchase authorization. This program will remain in effect until completed or until terminated by the Board of Directors.