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Shareholders' Equity | 3 Months Ended
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Mar. 31, 2024
Stockholders' Equity Note [Abstract] |
Shareholders' Equity | NOTE 15 – Shareholders’ Equity Share count and par value data related to shareholders’ equity are as follows:
|  | As of |
|  | March 31, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Preferred Stock |  |  |  |  |  |
Par value per share |  | No par value |  |  | No par value |
Shares authorized |  |  | 25,000,000 |  |  |  | 25,000,000 |
Shares outstanding |  |  | — |  |  |  | — |
Common Stock |  |  |  |  |  |
Par value per share |  | No par value |  |  | No par value |
Shares authorized |  |  | 75,000,000 |  |  |  | 75,000,000 |
Shares issued |  |  | 57,541,018 |  |  |  | 57,444,228 |
Shares outstanding |  |  | 30,649,099 |  |  |  | 30,824,248 |
Treasury stock |  |  |  |  |  |
Shares held |  |  | 26,891,919 |  |  |  | 26,619,980 |
On February 9, 2023, the Board of Directors approved a share repurchase program that authorized the Company to repurchase up to $50,000 of the Company’s common stock. The repurchase program had no set expiration date and replaced the repurchase program approved by the Board of Directors on May 13, 2021. The purchases under the program were made from time to time in the open market (including, without limitation, through the use of Rule 10b5-1 plans), depending on a number of factors, including our evaluation of general market and economic conditions, our financial condition and the trading price of our common stock. On February 2, 2024, our Board of Directors approved a new share repurchase program that authorizes the Company to repurchase up to $100,000 of its common stock. The repurchase program has no set expiration date and supersedes and replaces the repurchase program approved by the Board of Directors in February 2023. The purchases may be made from time to time in the open market (including, without limitation, through the use of Rule 10b5-1 plans), depending on a number of factors, including our evaluation of general market and economic conditions, our financial condition and the trading price of our common stock. The repurchase program may be extended, modified, suspended or discontinued at any time. During the three months ended March 31, 2024, 271,939 shares of common stock were repurchased for $12,078 across both share repurchase programs. During the three months ended March 31, 2023, 198,271 shares of common stock were repurchased for $8,802. As of March 31, 2024, approximately $92,369 remains available for future purchases. As of 2023, we are subject to a 1% excise tax on stock repurchases under the United States Inflation Reduction Act of 2022 which we include in the cost of stock repurchases as a reduction of shareholders’ equity. As of March 31, 2024 and December 31, 2023, we had $436 and $359, respectively, recorded in Accrued expenses and other liabilities in the Consolidated Balance Sheet. A roll-forward of common shares outstanding is as follows:
|  | Three months ended |
|  | March 31, |  |  | March 31, |
|  | 2024 |  |  | 2023 |
Balance at the beginning of the year |  |  | 30,824,248 |  |  |  | 31,680,890 |
Repurchases |  |  | (271,939 | ) |  |  | (198,271 | )
Restricted share issuances |  |  | 96,790 |  |  |  | 98,536 |
Balance at the end of the period |  |  | 30,649,099 |  |  |  | 31,581,155 |
Certain potentially dilutive restricted stock units are excluded from diluted earnings per share because they are anti-dilutive. The number of outstanding awards that were anti-dilutive for the three months ended March 31, 2024 and March 31, 2023 were 30,030 and 37,676, respectively.

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