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Stock Repurchase Program | 9 Months Ended
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Sep. 30, 2025
Stockholders Equity Note [Abstract] |
Stock Repurchase Program | 12. STOCK REPURCHASE PROGRAM On July 31, 2025, the Board of Directors of the Company approved a new stock repurchase program for up to $75.0 million, which commenced July 31, 2025 and expires January 31, 2027. The new stock repurchase program replaced the previous stock repurchase program approved on February 20, 2024. The other terms of the stock repurchase program are consistent with the Company’s previous stock repurchase program. The timing of purchases and the number of shares repurchased under the program is determined by the Company’s management and will depend on a variety of factors including stock price, trading volume and other general market and economic conditions, its assessment of alternative uses of capital, regulatory requirements and other factors. Repurchases will be made in open market transactions, including block purchases, conducted in accordance with Rule 10b-18 under the Exchange Act as well as may be made pursuant to trading plans established under Rule 10b5-1 under the Exchange Act, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The stock repurchase program does not obligate the Company to purchase shares and the Company may, in its discretion, begin, suspend or terminate repurchases at any time, without any prior notice. During the year to date ended September 30, 2025, we repurchased 2.3 million shares of our common stock for $66.7 million at an average price of $29.07 per share, of which approximately 1.6 million shares of our common stock for approximately $46.1 million were purchased under the previous stock repurchase program. During the year to date ended September 30, 2024, we repurchased approximately 0.4 million shares for $6.8 million at an average price of $17.60. During the quarter ended September 30, 2025, we repurchased 0.7 million shares of our common stock for $20.6 million at an average price of $31.27 per share. During the quarter ended September 30, 2024, the Company did not repurchase any shares of our common stock. As of September 30, 2025, approximately $54.3 million was available under our current authorized stock repurchase program to repurchase outstanding shares of our common stock. Shares of stock repurchased under the program are held as treasury shares. These repurchased shares reduced the weighted average number of shares of common stock outstanding for basic and diluted earnings per share calculations.

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