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Shareholders' Equity
 9 Months Ended
Sep. 30, 2025
Stockholders' Equity Note [Abstract]  
Shareholders' Equity

NOTE 14 – Shareholders’ Equity

Share count and par value data related to shareholders’ equity are as follows:

 

 

 

As of

 

 

 

September 30,

 

 

December 31,

 

 

 

2025

 

 

2024

 

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

 

 

57,622,819

 

 

 

57,543,964

 

Shares outstanding

 

 

29,150,209

 

 

 

30,026,045

 

Treasury stock

 

 

 

 

 

 

Shares held

 

 

28,472,610

 

 

 

27,517,919

 

 

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 and nine months ended September 30, 2025, 399,500 and 954,691 shares of common stock were repurchased for $16,739 and $40,083, respectively. During the three and nine months ended September 30, 2024, 244,500 and 744,439 shares of common stock were repurchased for $11,930 and $35,137, respectively. As of September 30, 2025, approximately $21,339 remains available for future purchases.

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 September 30, 2025 and December 31, 2024, we had $224 and $741, respectively, recorded in Accrued expenses and other liabilities in the Consolidated Balance Sheet.

A roll-forward of common shares outstanding is as follows:

 

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2025

 

 

2024

 

Balance at the beginning of the year

 

 

30,026,045

 

 

 

30,824,248

 

Repurchases

 

 

(954,691

)

 

 

(744,439

)

Restricted share issuances

 

 

78,855

 

 

 

98,330

 

Balance at the end of the period

 

 

29,150,209

 

 

 

30,178,139

 

 

Certain restricted stock units are excluded from diluted earnings per share because they are anti-dilutive. There were no anti-dilutive shares for the three and nine months ended September 30, 2025 and the three months ended September 30, 2024. The number of outstanding awards that were anti-dilutive for the nine months ended September 30, 2024 was 3,651.