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Shareholders’ Equity and Stock Incentive Plans (Tables) | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Share Repurchase Activity | The following table includes the Company’s share repurchase activity for the three and nine months ended September 30, 2024 and 2023:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
(In thousands, except per share data) |  |  |  |  |  |  |  |
Shares repurchased (1) (2) |  | 815 |  |  | 252 |  |  | 1,804 |  |  | 252 |
Total cost, including brokerage fees |  | $ | 25,821 |  |  | $ | 9,134 |  |  | $ | 55,351 |  |  | $ | 9,134 |
Average repurchase price per share (3) |  | $ | 31.65 |  |  | $ | 36.17 |  |  | $ | 30.67 |  |  | $ | 36.17 |
(1)All repurchased shares were retired and constitute authorized but unissued shares. Shares repurchased to settle employee tax withholding related to the vesting of RSUs or exercise of options are not included in the table above. (2)During the three months ended September 30, 2024, all of the shares were repurchased pursuant to a Rule 10b5-1 trading plan. (3)Figures in the table may not recalculate exactly due to rounding. Average repurchase price per share is calculated based on unrounded numbers.
Schedule of Dividends Declared | The dividends declared and included in the periods presented were as follows:
Declaration Date |  | Record Date |  | Payment Date |  | Amount per Share |  | Aggregate Amount (in thousands)
February 27, 2024 |  | March 18, 2024 |  | April 4, 2024 |  | $ | 0.25 |  |  | $ | 7,237 |
May 2, 2024 |  | June 14, 2024 |  | July 2, 2024 |  | 0.25 |  |  | 7,123 |
August 6, 2024 |  | September 17, 2024 |  | October 2, 2024 |  | 0.25 |  |  | 6,968 |
Schedule of Stock Option Activity | The following table summarizes the Company’s stock option activity:
| Stock Options
| Shares |  | Weighted-Average Exercise Price
Outstanding at January 1, 2024 | 1,911,354 |  |  | $ | 9.19 |
Granted | — |  |  | $ | — |
Exercised | (366,000) |  |  | $ | 9.38 |
Cancelled | — |  |  | $ | — |
Expired | — |  |  | $ | — |
Outstanding at September 30, 2024 | 1,545,354 |  |  | $ | 9.14 |
Exercisable at September 30, 2024 | 1,545,354 |  |  | $ | 9.14 |
Schedule of RSU Activity | The following table summarizes the Company’s activity related to RSUs and PSUs:
|  | RSUs |  | PSUs
|  | Shares |  | Weighted-Average Grant Date Fair Value |  | Shares |  | Weighted-Average Grant Date Fair Value
Outstanding at January 1, 2024 |  | 428,762 |  |  | $ | 34.09 |  |  | 471,935 |  | (1) | $ | 36.40 |
Granted |  | 232,766 |  |  | $ | 33.57 |  |  | 131,906 |  | (2) | $ | 34.06 |
Vested |  | (284,525) |  |  | $ | 28.71 |  |  | (272,362) |  | (3) | $ | 29.00 |
Cancelled |  | (9,350) |  |  | $ | 38.82 |  |  | (42,568) |  | (4) | $ | 41.83 |
Outstanding at September 30, 2024 |  | 367,653 |  |  | $ | 37.67 |  |  | 288,911 |  |  | $ | 41.33 |
(1) Includes PSUs granted in March 2021 (“2021 PSU Awards”) at 200% of the target (based on awards deemed “earned”), PSUs granted in March 2022 at 89.6% of the target (based on awards deemed “earned”) and PSUs granted in March 2023 (“2023 PSU Awards”) at 100% of the target. (2) The number of shares for the PSUs listed as granted represents the “target” number of PSUs issued to each recipient eligible to vest if the Company meets its “target” performance goals for the applicable period. The actual number of PSUs eligible to vest for those PSUs will vary depending on whether or not the Company meets or exceeds the applicable threshold, target, or maximum performance goals for the PSUs, with 200% of the “target” number of PSUs eligible to vest at “maximum” performance levels. (3) Represents 2021 PSU Awards that vested in March 2024 at 200% of the target PSUs. (4) The Company’s financial results for the performance goals applicable to the 2023 PSU Awards were certified during the three months ended March 31, 2024 and 69.3% of the target 2023 PSU Awards were deemed “earned.” This resulted in the reduction of the PSUs listed as granted in March 2023 to the number of PSUs eligible to vest from 120,825 to 83,724. In addition, 5,467 shares of 2023 PSU Awards were forfeited during the nine months ended September 30, 2024.
Schedule of PSU Activity | The following table summarizes the Company’s activity related to RSUs and PSUs:
|  | RSUs |  | PSUs
|  | Shares |  | Weighted-Average Grant Date Fair Value |  | Shares |  | Weighted-Average Grant Date Fair Value
Outstanding at January 1, 2024 |  | 428,762 |  |  | $ | 34.09 |  |  | 471,935 |  | (1) | $ | 36.40 |
Granted |  | 232,766 |  |  | $ | 33.57 |  |  | 131,906 |  | (2) | $ | 34.06 |
Vested |  | (284,525) |  |  | $ | 28.71 |  |  | (272,362) |  | (3) | $ | 29.00 |
Cancelled |  | (9,350) |  |  | $ | 38.82 |  |  | (42,568) |  | (4) | $ | 41.83 |
Outstanding at September 30, 2024 |  | 367,653 |  |  | $ | 37.67 |  |  | 288,911 |  |  | $ | 41.33 |
(1) Includes PSUs granted in March 2021 (“2021 PSU Awards”) at 200% of the target (based on awards deemed “earned”), PSUs granted in March 2022 at 89.6% of the target (based on awards deemed “earned”) and PSUs granted in March 2023 (“2023 PSU Awards”) at 100% of the target. (2) The number of shares for the PSUs listed as granted represents the “target” number of PSUs issued to each recipient eligible to vest if the Company meets its “target” performance goals for the applicable period. The actual number of PSUs eligible to vest for those PSUs will vary depending on whether or not the Company meets or exceeds the applicable threshold, target, or maximum performance goals for the PSUs, with 200% of the “target” number of PSUs eligible to vest at “maximum” performance levels. (3) Represents 2021 PSU Awards that vested in March 2024 at 200% of the target PSUs. (4) The Company’s financial results for the performance goals applicable to the 2023 PSU Awards were certified during the three months ended March 31, 2024 and 69.3% of the target 2023 PSU Awards were deemed “earned.” This resulted in the reduction of the PSUs listed as granted in March 2023 to the number of PSUs eligible to vest from 120,825 to 83,724. In addition, 5,467 shares of 2023 PSU Awards were forfeited during the nine months ended September 30, 2024.

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