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STOCKHOLDERS' EQUITY
 6 Months Ended
Jun. 30, 2025
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS’ EQUITY
Stock Repurchase Programs

On March 5th, 2025, our Board of Directors approved a stock repurchase program to acquire up to $150 million in shares of our outstanding common stock in the open market. There is no expiration date for the repurchase plan. The rationale for this repurchase program, and the amount thereof, was to further optimize our capital ratios, providing capital flexibility for future growth, and strengthening of our capital position over time.

During the six months ended June 30, 2025, we completed the authorized stock repurchase program, acquiring a total of 3.2 million shares of our common stock for $150 million plus applicable excise tax on stock repurchases. Following their repurchase, these 3.2 million shares ceased to be outstanding shares of common stock and are now treated as authorized but unissued shares of common stock.

Stock Compensation Expense

During the six months ended June 30, 2025, we awarded 838,554 service-based restricted stock units (RSUs) with a weighted average grant date fair market value per share of $61.55 as determined on the date of grant. Service-based restricted stock units typically vest ratably over three years provided that the participant is employed by us on each such vesting date.

During the six months ended June 30, 2025, we awarded 141,117 performance-based restricted stock units with a fair market value of approximately $61.95. Performance-based RSUs cliff vest at the end of three years, if specific performance measures tied to our financial performance are met. For the performance-based RSUs awarded in 2025, the predefined vesting criteria permit a range from 0% to 160% to be earned, subject to a market-based condition. Accruals of compensation cost for an award with a performance condition are based on the probable outcome of that performance condition. If the performance targets are met, these awards will vest with respect to the entire award on February 18, 2028, provided that the participant is employed by us on the vesting date (subject to certain limited exceptions, such as death, disability and qualifying retirements).

For the three months ended June 30, 2025 and 2024, we recognized $15 million and $14 million in stock-based compensation expense, respectively. For the both six month periods ended June 30, 2025 and 2024, we recognized $28 million in stock-based compensation expense, respectively.

Dividends

During the three and six months ended June 30, 2025, we paid $10 million and $22 million in dividends to holders of our common stock. On July 24, 2025, our Board of Directors declared a quarterly cash dividend of $0.21 per share on our common stock, payable on September 12, 2025, to stockholders of record at the close of business on August 8, 2025.