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Shareholders' Equity
 3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
Shareholders' Equity

NOTE 13 – Shareholders’ Equity

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

 

 

 

As of

 

 

 

March 31,

 

 

December 31,

 

 

 

2026

 

 

2025

 

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

 

 

57,671,728

 

 

 

57,628,332

 

Shares outstanding

 

 

28,624,587

 

 

 

28,758,100

 

Treasury stock

 

 

 

 

 

 

Shares held

 

 

29,047,141

 

 

 

28,870,232

 

 

In November 2025, our Board of Directors approved a new share repurchase program authorizing the Company to repurchase up to $100,000 of its common stock (“2025 Repurchase Program”). This program replaces the prior share repurchase program that was approved in February 2024. The 2025 Repurchase Program has no set expiration date and authorizes repurchases from time to time in the open market (including, without limitation, the use of Rule 10b5-1 plans), or through privately negotiated transactions, and repurchases will depend on various factors, including our evaluation of general market and economic conditions, our financial condition and the trading price of our common stock. The 2025 Repurchase Program may be extended, modified, suspended or discontinued at any time.

 

During the three months ended March 31, 2026, 176,909 shares of common stock were repurchased for $8,644 under the 2025 repurchase program. During the three months ended March 31, 2025, 143,541 shares of common stock were repurchased for $6,650. As of March 31, 2026, approximately $81,723 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 March 31, 2026 and December 31, 2025, we had $575 and $517, respectively, recorded in Accrued expenses and other liabilities in the Consolidated Balance Sheet.

 

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

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

March 31,

 

 

 

2026

 

 

2025

 

Balance at the beginning of the year

 

 

28,758,100

 

 

 

30,026,045

 

Repurchases

 

 

(176,909

)

 

 

(143,541

)

Restricted share issuances

 

 

43,396

 

 

 

76,807

 

Balance at the end of the period

 

 

28,624,587

 

 

 

29,959,311

 

 

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, 2026 and March 31, 2025 were 6,793 and 165, respectively.