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Common Stock | 9 Months Ended
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Sep. 30, 2025
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)
2025: |  |  |  |
Third Quarter |  | $ | 0.235 |  |  | $ | 14,388 |
Second Quarter |  | 0.235 |  |  | 14,298 |
First Quarter |  | 0.235 |  |  | 14,576 |
Total dividends declared in 2025 |  | $ | 0.705 |  |  | $ | 43,262 |
2024: |  |  |  |
Fourth Quarter |  | $ | 0.215 |  |  | $ | 13,476 |
Third Quarter |  | 0.215 |  |  | 13,787 |
Second Quarter |  | 0.215 |  |  | 13,873 |
First Quarter |  | 0.215 |  |  | 14,155 |
Total dividends declared in 2024 |  | $ | 0.860 |  |  | $ | 55,291 |
During the fourth quarter of 2025, the Company's board of directors declared a dividend of $0.235 per share of common stock to shareholders of record as of December 5, 2025 and payable on December 19, 2025. Share Repurchase Program As of September 30, 2025, the board of directors had authorized the Company to repurchase up to $1.25 billion of its issued and outstanding common stock since the share repurchase program was established in 2018. 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 March 14, 2024, 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 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 recognized a share repurchase liability of $62.5 million for 935,907 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 December 31, 2024. On April 10, 2025, the Company purchased 935,907 shares of its common stock from Magnus for an aggregate of $62.5 million in satisfaction of its obligation under the June 2024 Agreement. On December 17, 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 January 2, 2025 through June 30, 2025, up to an aggregate of $62.5 million, at the same weighted average per share price (the "December 2024 Agreement"). On July 10, 2025, the Company purchased 953,406 shares of its common stock from Magnus for an aggregate of $62.5 million in satisfaction of its obligation under the December 2024 Agreement. 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) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Shares repurchased in the open market: |  |  |  |  |  |  |  |
Shares repurchased |  | — |  |  | 493,040 |  |  | 953,406 |  |  | 1,627,793 |
Average price |  | $ | — |  |  | $ | 65.96 |  |  | $ | 65.56 |  |  | $ | 64.70 |
Aggregate value (1) |  | $ | — |  |  | $ | 32,522 |  |  | $ | 62,509 |  |  | $ | 105,323 |
Shares repurchased from Magnus: |  |  |  |  |  |  |  |
Shares repurchased |  | 953,406 |  |  | 587,520 |  |  | 1,889,313 |  |  | 587,520 |
Average price (2) |  | $ | 65.56 |  |  | $ | 63.83 |  |  | $ | 66.17 |  |  | $ | 63.83 |
Aggregate value |  | $ | 62,509 |  |  | $ | 37,499 |  |  | $ | 125,009 |  |  | $ | 37,499 |
Total shares repurchased: |  |  |  |  |  |  |  |
Shares repurchased |  | 953,406 |  |  | 1,080,560 |  |  | 2,842,719 |  |  | 2,215,313 |
Average price |  | $ | 65.56 |  |  | $ | 64.80 |  |  | $ | 65.96 |  |  | $ | 64.47 |
Aggregate value |  | $ | 62,509 |  |  | $ | 70,021 |  |  | $ | 187,518 |  |  | $ | 142,822 |
___________________________________ (1) Includes $0.5 million related to shares repurchased not settled as of the nine months ended September 30, 2024. (2) 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. As of September 30, 2025, the Company had $264.7 million remaining under the current share repurchase authorization. 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, 2025, the Company presented as retired 2,842,719 shares of its repurchased common stock with an aggregate value of $188.0 million, including $0.5 million of excise tax on the shares repurchased, which the Company intends to formally retire in 2025.

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