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Common Stock | 9 Months Ended
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Sep. 30, 2024
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)
2024: |  |  |  |
Third Quarter |  | $ | 0.215 |  |  | $ | 13,787 |
Second Quarter |  | 0.215 |  |  | 13,873 |
First Quarter |  | 0.215 |  |  | 14,155 |
Total dividends declared in 2024 |  | $ | 0.645 |  |  | $ | 41,815 |
2023: |  |  |  |
Fourth Quarter |  | $ | 0.195 |  |  | $ | 12,941 |
Third Quarter |  | 0.195 |  |  | 13,098 |
Second Quarter |  | 0.195 |  |  | 13,667 |
First Quarter |  | 0.195 |  |  | 13,629 |
Total dividends declared in 2023 |  | $ | 0.780 |  |  | $ | 53,335 |
During the fourth quarter of 2024, the Company's Board of Directors declared a dividend of $0.215 per share of common stock to shareholders of record as of December 6, 2024 and payable on December 20, 2024. Share Repurchase Program As of September 30, 2024, the Board of Directors had authorized the Company to repurchase up to $1.0 billion 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 Amended Credit Agreement and the Indenture (Note 5). This program may be extended or otherwise modified by the Board of Directors at any time and will remain in effect until completed or until terminated by the Board of Directors. On June 16, 2022, the Company entered into an agreement with Magnus Holdings Co., Ltd. ("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 would 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. On June 9, 2023, 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 June 12, 2023 through October 27, 2023, up to an aggregate of $100.0 million, at the same weighted average per share price (the "2023 Agreement"). On November 3, 2023, the Company purchased 1,824,994 shares of its common stock from Magnus for an aggregate of $100.0 million in satisfaction of its obligation under the 2023 Agreement. On March 14, 2024, 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 April 1, 2024 through June 28, 2024, up to an aggregate of $37.5 million, at the same weighted average per share price (the "March 2024 Agreement"). On July 10, 2024, the Company purchased 587,520 shares of its common stock from Magnus for an aggregate of $37.5 million in satisfaction of its obligation under the March 2024 Agreement. On June 14, 2024, 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, 2024 through December 31, 2024, up to an aggregate of $62.5 million, at the same weighted average per share price (the "June 2024 Agreement"). In relation to this agreement, the Company recorded a share repurchase liability of $32.5 million for 493,040 shares of common stock, which was included in accrued expenses and other liabilities and treasury stock on the unaudited condensed consolidated balance sheet as of September 30, 2024. The Company's share repurchase activity for the periods presented was as follows:
|  | Three months ended September 30, |  | Nine months ended September 30,
(in thousands, except share and per share amounts) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Shares repurchased in the open market: |  |  |  |  |  |  |  |
Shares repurchased |  | 493,040 |  |  | 1,153,400 |  |  | 1,627,793 |  |  | 1,982,289 |
Average price |  | $ | 65.96 |  |  | $ | 56.28 |  |  | $ | 64.70 |  |  | $ | 52.98 |
Aggregate value |  | $ | 32,522 |  |  | $ | 64,918 |  |  | $ | 105,323 |  |  | $ | 105,030 |
Shares repurchased from Magnus: |  |  |  |  |  |  |  |
Shares repurchased |  | 587,520 |  |  | — |  |  | 587,520 |  |  | 2,168,528 |
Average price (1) |  | $ | 63.83 |  |  | $ | — |  |  | $ | 63.83 |  |  | $ | 46.11 |
Aggregate value |  | $ | 37,499 |  |  | $ | — |  |  | $ | 37,499 |  |  | $ | 100,001 |
Total shares repurchased: |  |  |  |  |  |  |  |
Shares repurchased |  | 1,080,560 |  |  | 1,153,400 |  |  | 2,215,313 |  |  | 4,150,817 |
Average price |  | $ | 64.80 |  |  | $ | 56.28 |  |  | $ | 64.47 |  |  | $ | 49.40 |
Aggregate value (2) |  | $ | 70,021 |  |  | $ | 64,918 |  |  | $ | 142,822 |  |  | $ | 205,031 |
___________________________________ (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 any given 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. (2) Includes $0.5 million and $2.0 million related to shares repurchased not settled as of the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, the Company had $232.2 million remaining under the current share repurchase authorization, including $62.5 million related to the June 2024 Agreement. Common Stock Retirement The Company records retirements of repurchased common stock, upon either formal or constructive retirement, at cost and allocates the excess of the repurchase price over the par value of shares acquired to both retained earnings and additional paid-in capital. The portion allocated to additional paid-in capital is calculated on a pro rata basis of the shares to be retired and the total shares issued and outstanding as of the date of retirement. When shares of common stock are retired, they are deducted from the number of shares issued. As of September 30, 2024, the Company presented as retired 2,215,313 shares of its repurchased common stock with an aggregate value of $143.6 million, including $0.8 million of excise tax on the shares repurchased, which the company intends to formally retire in 2024.

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