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Stockholders' Equity and Equity Compensation Plans
3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
Stockholders' Equity and Equity Compensation Plans

11. 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”). Upon the announcement of the Merger Agreement, we have ceased any further repurchases.

During the first quarter of 2025 we repurchased approximately 153,000 shares of our common stock for $9.6 million (weighted-average price of $62.65 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.

Stock Repurchases for Tax Withholdings. In addition to the above-mentioned stock repurchases, during the first quarters of 2026 and 2025, we repurchased and then cancelled approximately 49,000 shares of common stock for $4.0 million and approximately 204,000 shares of common stock for $12.8 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 first quarter of 2026, our Board approved a quarterly cash dividend of $0.34 per share of common stock, totaling $9.7 million. During the first quarter of 2025, our Board approved a quarterly cash dividend of $0.32 per share of common stock, totaling $9.4 million. As of March 31, 2026 and 2025, we had $0.9 million and $10.2 million, respectively, of dividends accrued, which are included in other current and non-current liabilities in our Balance Sheets. The decrease in accrued dividends in 2026 relates primarily to the payment of our first quarter of 2026 dividend, made to shareholders on April 1, 2026, being paid to our transfer agent at the end of the quarter.

Stock-Based Awards. During the first quarter of 2026, we granted restricted stock awards to key members of management in the form of time-based awards of approximately 173,000 restricted common stock shares, which vest in the first quarter of 2027, 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 for the first quarters of 2026 and 2025 of $6.8 million and $8.4 million, respectively.