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Common Stock and Stock-Based Awards | 12 Months Ended
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Dec. 31, 2023
Equity [Abstract] |
Common Stock and Stock-Based Awards | Note 7—Common Stock and Stock-Based Awards Dividends The Company began declaring and paying quarterly dividends during the first quarter of 2018. During 2023, 2022 and 2021, cash dividends paid totaled $23.5 million, $23.2 million and $23.3 million, respectively. In February 2020, the Board of Directors approved a quarterly dividend increase, raising the quarterly dividend from $0.15 to $0.16 per common share. In May 2021, the Board of Directors approved another quarterly dividend increase, raising the quarterly dividend from $0.16 to $0.165 per common share. On December 13, 2023, the Company declared a quarterly cash dividend of $0.165 per share of the Company’s common stock to shareholders of record as of December 29, 2023. The dividend of $5.9 million was paid on January 12, 2024. The Board of Directors currently intends to continue paying quarterly dividends. However, the Company’s future dividend policy is subject to the Company’s compliance with applicable laws, and depends on, among other things, the Company’s results of operations, financial condition, level of indebtedness, capital requirements, contractual restrictions, restrictions in the Company’s debt agreements, and other factors that the Board of Directors may deem relevant. Dividend payments are not mandatory or guaranteed and no assurance is made that the Company will continue to pay a dividend in the future. Share Repurchase Authorization On March 6, 2018, the Board of Directors approved an expanded share repurchase authorization granting the Company authority to repurchase up to $250 million in common stock in addition to the $100 million previously approved on December 7, 2015. On October 26, 2018 and February 19, 2020, the Board of Directors authorized the repurchase of an additional $100 million and $150 million of the Company’s common stock, respectively. Share purchases may be made in the open market, in privately negotiated transactions or block transactions, at the discretion of the Company’s management and as market conditions warrant. Purchases will be funded from available cash and may be commenced, suspended or discontinued at any time without prior notice. Shares repurchased under the program are retired. The Company did no t repurchase shares in 2023. During 2022, the Company repurchased a total of 0.4 million common shares for an aggregate o f $9.4 mil lion at an average price o f $24.96 per share. During 2021, the Company repurchased a total of 1.4 mill ion common shares for an aggregate of $40.2 million at an average price o f $29.11 per s hare. As of December 31, 2023, the Company had $154.6 million remaining under the share repurchase authorization. Stock-Based Compensation Under the 2019 Plan, the Company, upon approval of the Compensation Committee of the Board of Directors, may grant stock options, restricted shares, restricted stock units (both time-based and performance-based) and certain other forms of equity awards, or any combination thereof, to any director, officer, employee or consultant (including any prospective director, officer, employee or consultant) of the Company. Stock options (which have not been awarded since 2015) are granted to employees with an exercise price equal to the market price of the Company’s common stock on the date of grant, generally vest over a four-year period from the date of grant and typically have a term of 10 years. Time-based restricted stock units granted to employees generally vest over a four-year period from the date of grant and are subject to continued employment with the Company. Performance-based restricted stock units generally vest over a three-year performance cycle, which includes the year of the grant, and are based upon the Company’s achievement of specified performance metrics. Awards under the 2019 Plan to non-employee directors have historically been in the form of restricted stock units, which vest annually, starting on the grant date. As of December 31, 2023 the Company had 1.7 million common shares available for issuance under the 2019 Plan. The following table summarizes the activities related to the Company's stock options:
(in thousands, except per share data and years) |  | Number of Options |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term (Years) |  |  | Aggregate Intrinsic Value |
Outstanding as of December 31, 2020 |  |  | 188 |  |  | $ | 19.98 |  |  |  |  |  |  |
Exercised |  |  | (54 | ) |  |  | 19.77 |  |  |  |  |  |  |
Forfeited or expired |  |  | (2 | ) |  |  | 20.16 |  |  |  |  |  |  |
Outstanding as of December 31, 2021 |  |  | 132 |  |  | $ | 20.06 |  |  |  |  |  |  |
Exercised |  |  | (53 | ) |  |  | 17.16 |  |  |  |  |  |  |
Forfeited or expired |  |  | (22 | ) |  |  | 22.36 |  |  |  |  |  |  |
Outstanding as of December 31, 2022 |  |  | 57 |  |  | $ | 21.85 |  |  |  |  |  |  |
Exercised |  |  | (17 | ) |  |  | 19.52 |  |  |  |  |  |  |
Forfeited or expired |  |  | (3 | ) |  |  | 20.11 |  |  |  |  |  |  |
Outstanding and exercisable as of December 31, 2023 |  |  | 37 |  |  | $ | 23.07 |  |  |  | 0.7 |  |  | $ | 169 |
The aggregate intrinsic value, as presented in the table above, is calculated before income taxes and is the difference between the exercise price of the underlying stock options and the Company’s closing stock price as of the last business day of 2023 for outstanding stock options that had exercise prices below the closing stock price. The following table summarizes the activities related to the Company’s time-based restricted stock units:
(in thousands, except per share data) |  | Number of Units |  |  | Weighted- Average Grant Date Fair Value |
Non-vested awards outstanding as of December 31, 2020 |  |  | 1,026 |  |  | $ | 27.35 |
Granted |  |  | 503 |  |  |  | 28.52 |
Vested |  |  | (377 | ) |  |  | 26.77 |
Forfeited |  |  | (95 | ) |  |  | 28.47 |
Non-vested awards outstanding as of December 31, 2021 |  |  | 1,057 |  |  | $ | 28.02 |
Granted |  |  | 616 |  |  |  | 25.90 |
Vested |  |  | (407 | ) |  |  | 28.08 |
Forfeited |  |  | (81 | ) |  |  | 27.44 |
Non-vested awards outstanding as of December 31, 2022 |  |  | 1,185 |  |  | $ | 26.93 |
Granted |  |  | 724 |  |  |  | 24.13 |
Vested |  |  | (490 | ) |  |  | 26.92 |
Forfeited |  |  | (173 | ) |  |  | 25.91 |
Non-vested awards outstanding as of December 31, 2023 |  |  | 1,246 |  |  | $ | 25.43 |
The following table summarizes the activities related to the Company’s performance-based restricted stock units:
(in thousands, except per share data) |  | Number of Units |  |  | Weighted- Average Grant Date Fair Value |
Non-vested awards outstanding as of December 31, 2020 |  |  | 368 |  |  | $ | 27.93 |
Granted(1) |  |  | 234 |  |  |  | 28.60 |
Forfeited |  |  | (60 | ) |  |  | 29.38 |
Non-vested awards outstanding as of December 31, 2021 |  |  | 542 |  |  | $ | 28.06 |
Granted(1) |  |  | 177 |  |  |  | 25.97 |
Forfeited |  |  | (174 | ) |  |  | 27.29 |
Non-vested awards outstanding as of December 31, 2022 |  |  | 545 |  |  | $ | 27.62 |
Granted(1) |  |  | 244 |  |  |  | 25.30 |
Vested |  |  | (242 | ) |  |  | 28.30 |
Forfeited |  |  | (105 | ) |  |  | 26.98 |
Non-vested awards outstanding as of December 31, 2023 |  |  | 442 |  |  | $ | 26.12 |
(1) Represents target number of awards that can vest based on the achievement of the performance goals.

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//505/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//718/tableOfContent + Details
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