XML 27 R17.htm IDEA: XBRL DOCUMENT v3.23.1
STOCKHOLDERS’ EQUITY
3 Months Ended
Mar. 31, 2023
Equity [Abstract]  
STOCKHOLDERS’ EQUITY STOCKHOLDERS EQUITY
Treasury Stock. Treasury stock is recorded at cost and is presented as a reduction of stockholders’ equity in the condensed consolidated financial statements. Treasury shares of 475,397 held at March 31, 2023 include shares repurchased under the Company’s share repurchase programs and shares withheld for withholding tax, as described below.
Share Repurchase Program. On May 20, 2022, the Company's board of directors (the "Board") authorized up to $450.0 million of share repurchases (with no cap as to the number of shares of common stock) (the "Share Repurchase Program"). The Company had $200.4 million of remaining share repurchase authorization under the Share Repurchase Program as of March 31, 2023. Additional purchases under the Share Repurchase Program may be made from time to time on the open market and in privately negotiated transactions. The size and timing of these purchases are based on a number of factors, including share price and business and market conditions. Since the Company first became publicly traded in 2015 through March 31, 2023, the Company has repurchased 561,459 shares of its common stock at an aggregate cost of $499.6 million, including 56,766 shares purchased at an aggregate cost of $41.8 million during the three months ended March 31, 2023.
Tax Withholding for Equity Awards. At the employee’s option, shares of common stock are withheld by the Company upon the vesting of restricted stock and exercise of stock appreciation rights (“SARs”) to cover the applicable statutory minimum amount of employee withholding taxes, which the Company then pays to the taxing authorities in cash. The amounts remitted during the three months ended March 31, 2023 and 2022 were $2.2 million and $4.7 million, for which the Company withheld 3,132 and 2,681 shares of common stock, respectively.