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Treasury Stock | 3 Months Ended
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Jun. 30, 2024
Equity [Abstract] |
Treasury Stock | Note 4 — Treasury Stock The Board initially approved the commencement of a stock repurchase program in the fall of 1996. In November 2022, the Company’s Board of Directors approved a 1,000,000 share expansion to the Company’s existing stock repurchase program, increasing the total number of shares of the Company’s common stock approved for repurchase over the life of the program to 39,000,000 shares. The stock repurchase program does not obligate the Company to acquire any amount of common stock and may be suspended at any time at its discretion. Since the commencement of the stock repurchase program, the Company has spent $803 million on the repurchase of 38,071,317 shares of its common stock, equal to 69% of the outstanding common stock had there been no repurchases. The average price of these repurchases was $21.10 per share. These repurchases were funded primarily by the net earnings of the Company, along with proceeds from the exercise of common stock options. During the three months ended June 30, 2024, the Company repurchased 38,138 shares of the common stock for $9.5 million at an average price of $249.79 per share. The Company had 17,123,561 shares of common stock outstanding as of June 30, 2024, net of the 38,071,317 shares in treasury. During the period subsequent to the quarter ended June 30, 2024, the Company repurchased 10,910 shares of the common stock for $3.0 million at an average price of $274.66 per share under the Company’s stock repurchase program.

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- Definition The entire disclosure for treasury stock, including, but not limited to, average cost per share, description of share repurchase program, shares repurchased, shares held for each class of treasury stock. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505-30/tableOfContent + Details
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