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Stockholders' Equity and Equity Compensation Plans
9 Months Ended
Sep. 30, 2025
Stockholders' Equity Note [Abstract]  
Stockholders' Equity and Equity Compensation Plans

10. STOCKHOLDERS’ EQUITY AND EQUITY COMPENSATION PLANS

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 the third quarters of 2025 and 2024, we repurchased approximately 275,000 shares of our common stock for $17.6 million (weighted-average price of $63.75 per share), and approximately 313,000 shares of our common stock for $14.4 million (weighted-average price of $46.11 per share), respectively, under a SEC Rule 10b5-1 Plan. During the nine months ended September 30, 2025 and 2024, we repurchased approximately 703,000 shares of our common stock for $44.2 million (weighted-average price of $62.92 per share), and approximately 716,000 shares of our common stock for $33.7 million (weighted-average price of $47.07 per share), respectively, under a SEC Rule 10b5-1 Plan. The excise tax imposed on share repurchases, which is included as a cost of treasury stock, is not reflected in these amounts.

As of September 30, 2025, the total remaining value of shares available for repurchase under the Stock Repurchase Program totaled $93.7 million, with the amount authorized for repurchase through December 31, 2025.

Stock Repurchases for Tax Withholdings. In addition to the above-mentioned stock repurchases, during the third quarters of 2025 and 2024, we repurchased and then cancelled approximately 4,000 shares of common stock for $0.2 million and approximately 3,000 shares of common stock for $0.2 million, respectively, and nine months ended September 30, 2025 and 2024, we repurchased and then cancelled approximately 223,000 shares of common stock for $14.0 million and approximately 172,000 shares of common stock for $9.1 million, respectively, in connection with minimum tax withholding requirements resulting from the vesting of restricted common stock under our stock incentive plan.

Cash Dividends. During the third quarter of 2025, our Board approved a quarterly cash dividend of $0.32 per share of common stock, totaling $9.1 million. During the third quarter of 2024, our Board approved a quarterly cash dividend of $0.30 per share of common stock, totaling $8.8 million. Dividends declared for the nine months ended September 30, 2025 and 2024 totaled $27.7 million and $26.4 million, respectively. As of September 30, 2025 and 2024, we had $10.6 million and $1.9 million, respectively, of dividends accrued, which are included in other current and non-current liabilities on our Balance Sheets. The increase in accrued dividends for 2025 relates primarily to our third quarter of 2025 dividends that were declared in September, but will be paid in October.

Stock-Based Awards. During the nine months ended September 30, 2025 we granted restricted stock awards to key members of management in the form of: (i) performance-based awards of approximately 170,000 restricted common stock shares, of which the majority will vest in the first quarter of 2027 upon meeting certain pre-established financial performance objectives over a two-year performance period; and (ii) market-based awards of approximately 51,000 restricted common stock shares, which vest in the first quarter of 2028 upon meeting a relative total shareholder return performance achievement tier. Certain of these awards may vest (i.e., vesting accelerates) upon the involuntary termination of employment or a change in control (as defined) and the subsequent involuntary termination of employment.

During the nine months ended September 30, 2025, we also granted restricted stock awards to key members of management in the form of time-based awards of approximately 398,000 restricted common stock shares, which vest annually over three years with no restrictions other than the passage of time. Certain of these awards may vest (i.e., vesting accelerates) upon the involuntary termination of employment, a change in control (as defined) and the subsequent involuntary termination of employment, or death.

We recorded stock-based compensation expense for the third quarters of 2025 and 2024 of $8.7 million for each period, and for the nine months ended September 30, 2025 and 2024 of $25.7 million and $25.0 million, respectively.