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Stockholders' Equity | 12 Months Ended
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Dec. 31, 2024
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 2024, we repurchased approximately 1,185,000 shares of our common stock for $57.8 million (weighted–average price of $48.79 per share) under a Securities and Exchange Commission (“SEC”) Rule 10b5-1 Plan. During 2023, we repurchased approximately 508,000 shares of our common stock for $27.0 million (weighted-average price of $53.15 per share) under a SEC Rule 10b5-1 Plan, and approximately 1,680,000 shares of our common stock for $90.1 million (weighted-average price of $53.62 per share) concurrent with the pricing of the offering of the 2023 Convertible Notes. During 2022, we repurchased approximately 1,497,000 shares of our common stock for $87.9 million (weighted-average price of $58.71 per share) under a SEC Rule 10b5-1 Plan. The excise tax imposed as part of the 2022 Inflation Reduction Act, which is included as a cost of treasury stock, is not reflected in the share repurchase amounts above. In 2024, our Board authorized an additional $100.0 million of repurchases under the Stock Repurchase Program. This, combined with the remaining value from the prior Board authorization in 2023, leaves $138.0 million remaining value of shares available for repurchase at December 31, 2024, with the amount authorized for repurchase through December 31, 2025. Stock Repurchases for Tax Withholdings. In addition to the above-mentioned stock repurchases, during 2024, 2023, and 2022, we repurchased and then cancelled approximately 177,000 shares, 182,000 shares, and 138,000 shares for $9.4 million, $10.2 million, and $8.7 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 2024, 2023, and 2022 our Board approved total cash dividends of $1.20 per share, $1.12 per share, and $1.06 per share of common stock, totaling $34.8 million, $34.3 million, and $33.7 million, respectively. As of December 31, 2024 and 2023, we had $10.3 million and $2.1 million, respectively, of dividends accrued, which are included in other current and non-current liabilities in our Balance Sheets. The increase in accrued dividends for 2024 relates primarily to our fourth quarter of 2024 dividends that were declared in December, but will be paid in January 2025. Warrants. In July 2014, in conjunction with the execution of an amendment to our agreement with Comcast, we issued stock warrants 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 had a ten-year term and an exercise price of $26.68 per warrant. Of the total Stock Warrants issued, 1.9 million Stock Warrants vested and were exercised. In July 2024, the remaining 1.0 million issued and unvested Stock Warrants expired.

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