SHAREHOLDERS' EQUITY |
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| SHAREHOLDERS' EQUITY | SHAREHOLDERS' EQUITY Common Stock
Equity Offering In September 2024, the Company completed a follow-on equity offering ("Equity Offering"), pursuant to which we issued and sold a total of 1,265,000 shares of our common stock to the public, including shares issued pursuant to the underwriters' full exercise of their over-allotment option, at an offering price of $285 per share. We received proceeds of $347.4 million, net of underwriting fees and discounts and expenses incurred directly related to the Equity Offering. We used a portion of the proceeds to pay off the outstanding balance of our Revolving Credit Facility at the time of the Equity Offering, and used the remainder of the proceeds for general corporate purposes, including the acquisitions of PF WaterWorks and Aspen Manufacturing, as discussed in Note 2. Share Repurchase Program On December 16, 2022, we announced that our Board of Directors authorized a program to repurchase up to $100.0 million of our common stock over a two-year period. On November 18, 2024, we announced that our Board of Directors authorized a new $200.0 million share repurchase program, which replaced the previously announced $100.0 million program. On December 15, 2025, we announced an expansion of our current share repurchase program authorization from $200.0 million to $250.0 million. Under the current repurchase program, shares may be repurchased from time to time in the open market or in privately negotiated transactions. Repurchases will be made at our discretion, based on ongoing assessments of the capital needs of the business, the market price of our common stock and general market conditions. Our Board of Directors has established an expiration date of December 31, 2026, for completion of the current repurchase program; however, such program may be limited or terminated at any time at our discretion without notice. Under the current $250.0 million repurchase program, a total of 283,099 and 371,549 shares were repurchased during the three and nine months ended December 31, 2025 for $69.6 million and $92.6 million, respectively. Under the current $250.0 million repurchase program, 5,705 shares were repurchased during the three months ended December 31, 2024 for $2.2 million. Under the prior $100.0 million repurchase program, 6,703 and 39,153 shares were repurchased during the three and nine months ended December 31, 2024 for $2.6 million and $11.5 million, respectively. In connection with the vesting of share awards, 6,860 and 21,826 shares for $1.7 million and $6.2 million, respectively, were tendered by employees to satisfy minimum tax withholding requirements during the three and nine months ended December 31, 2025, respectively. 10,737 and 25,050 shares for $3.9 million and $7.2 million, respectively, were tendered by employees to satisfy minimum tax withholding requirements during the three and nine months ended December 31, 2024, respectively Dividends On April 14, 2024, we announced a quarterly dividend increase to a rate of $0.21 per share, which was subsequently increased to a rate of $0.24 per share on October 11, 2024. On April 15, 2025, we announced another quarterly dividend increase to a rate of $0.27 per share. Total dividends of $4.5 million and $4.0 million were paid during the three months ended December 31, 2025 and 2024, respectively. Total dividends of $13.6 million and $10.6 million were paid during the nine months ended December 31, 2025 and 2024, respectively. On January 16, 2026, we announced a quarterly dividend of $0.27 per share payable on February 13, 2026 to shareholders of record as of January 30, 2026. Any future dividends at the existing $0.27 per share quarterly rate or otherwise will be reviewed individually and declared by our Board of Directors in its discretion. |
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