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Stockholders' Equity
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Stockholders' Equity

10. Stockholders’ Equity

 

Cash Dividend — On July 26, 2023, our Board of Directors approved a cash dividend on our common stock in the amount of $0.08 per share to be paid on September 21, 2023 to holders of record as of September 7, 2023. The amount and timing of all future dividend payments, if any, are subject to the discretion of the Board of Directors and will depend upon business conditions, results of operations, financial condition, terms of our debt agreements and other factors. Our Board of Directors may, without advance notice, reduce or suspend our dividend to improve our financial flexibility and position our company for long-term success. There can be no assurance that we will pay a dividend in the future.

 

Share Repurchases and Acquisitions — In September 2013, our Board of Directors approved a stock buyback program. In April 2023, our Board of Directors approved an increase of the authorization under the stock buyback program to allow for an aggregate of $300 million of future share repurchases. All purchases executed to date have been through open market transactions. Purchases under the buyback program are made at management’s discretion, at prevailing prices, subject to market conditions and other factors. Purchases may be made at any time without prior notice. There is no expiration date associated with the buyback program. As of June 30, 2023, we had remaining authorization to purchase approximately $281 million of our outstanding common stock under the stock buyback program. Shares of stock purchased under the buyback program are held as treasury shares.

 

Treasury stock acquisitions during the six months ended June 30, 2023 were as follows (dollars in thousands):

 

 

Shares

 

 

Cost

 

 

 

 

 

 

 

Treasury shares at January 1, 2023

 

88,758,722

 

 

$

1,453,079

 

Purchases pursuant to stock buyback program

 

7,426,044

 

 

 

93,276

 

Acquisitions pursuant to long-term incentive plan

 

749,284

 

 

 

8,351

 

Treasury shares at June 30, 2023

 

96,934,050

 

 

$

1,554,706