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Stockholders' Equity
 12 Months Ended
Dec. 31, 2023
Stockholders' Equity Note [Abstract]  
Stockholders' Equity

12. Stockholders’ Equity

Stock Repurchase Program. We currently have a stock repurchase program, approved by our Board, authorizing us to repurchase shares of our common stock from time-to-time as market and business conditions warrant (the “Stock Repurchase Program”). During 2023, our Board authorized an additional $100.0 million of repurchases under the Stock Repurchase Program.

During 2023, 2022, and 2021, we repurchased 2,188,000 shares of our common stock for $117.1 million (weighted–average price of $53.51 per share), 1,497,000 shares of our common stock for $87.9 million (weighted-average price of $58.71 per share), and 733,000 shares of our common stock for $36.0 million (weighted-average price of $49.13 per share), respectively.

The repurchases during 2023 were executed as follows:

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In August 2023, we entered into an SEC Rule 10b5-1 Plan under which we repurchased approximately 275,000 shares of our common stock for $15.0 million (weighted-average price of $54.65 per share). This plan was terminated by us in early September 2023.
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In September 2023, and concurrent with the pricing of the offering of the 2023 Convertible Notes, we repurchased approximately 1,680,000 shares of our common stock for $90.1 million (weighted-average price of $53.62 per share) in privately negotiated transactions effected through one of the initial purchasers of the offering or its affiliate, as our agent.
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In September 2023, we entered into a second SEC Rule 10b5-1 Plan under which we repurchased approximately 233,000 shares of our common stock for $12.0 million (weighted-average price of $51.33 per share). This plan will remain in effect, unless terminated by us or by the provisions of the plan, through the earlier of: (i) December 31, 2024; or (ii) when an aggregate purchase price of $100.0 million of our common stock is repurchased under the plan.

As part of the 2022 IRA, effective January 1, 2023, a one percent excise tax was imposed on net share repurchases during the year. As of December 31, 2023, we accrued $1.0 million for the excise tax, which is included as a cost of treasury stock, however this is not reflected in the share repurchase amounts above.

As of December 31, 2023, the total remaining value of shares available for repurchase under the Stock Repurchase Program totaled $95.8 million.

Stock Repurchases for Tax Withholdings. In addition to the above-mentioned stock repurchases, during 2023, 2022, and 2021, we repurchased and then cancelled approximately 182,000 shares, 138,000 shares, and 130,000 shares for $10.2 million, $8.7 million, and $6.3 million, respectively, of common stock from our employees in connection with minimum tax withholding requirements resulting from the vesting of restricted stock under our stock incentive plans.

Cash Dividend. During 2023, 2022, and 2021 our Board approved total cash dividends of $1.12 per share, $1.06 per share, and $1.00 per share of common stock, totaling $34.3 million, $33.7 million, and $32.7 million, respectively.

Warrants. In July 2014, in conjunction with the execution of an amendment to our agreement with Comcast, we issued stock warrants (the “Warrant Agreement”) for the right to purchase up to 2.9 million shares of our common stock (the “Stock Warrants”) as an additional incentive for Comcast to convert customer accounts onto our solutions based on various milestones. The Stock Warrants have a ten-year term and an exercise price of $26.68 per warrant.

Of the total Stock Warrants issued, 1.9 million Stock Warrants have vested and been exercised. As of December 31, 2023, 1.0 million Stock Warrants remain issued, none of which have vested. The remaining unvested Stock Warrants will be accounted for as a customer contract cost asset once the performance conditions necessary for vesting are considered probable.

Once vested, Comcast may exercise the Stock Warrants and elect either physical delivery of common shares or net share settlement (cashless exercise). Alternatively, the exercise of the Stock Warrants may be settled with cash based solely on our approval, or if Comcast were to beneficially own or control in excess of 19.99% of the common stock or voting of the Company.