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EQUITY AND EPS | 12 Months Ended
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Dec. 31, 2024
Equity [Abstract] |
EQUITY AND EPS | EQUITY AND EPS Capital Stock. Common stockholders are entitled to elect four of the nine members of the Company’s Board of Directors, while Preferred stockholders are entitled to elect the remaining five members. All directors are elected annually for a one year term. Stockholders who own 10 percent or more of the outstanding Common Stock or Preferred Stock have the right to call a special meeting of stockholders. Common stockholders are not entitled to vote with respect to a merger, dissolution, lease, exchange or sale of substantially all of the Company’s assets, or on an amendment to the Articles of Incorporation, unless such action would increase or decrease the authorized shares or par value of the Common Stock or Preferred Stock, or change the powers, preferences or special rights of the Common Stock or Preferred Stock so as to affect the Common stockholders adversely. Generally, Common stockholders and Preferred stockholders vote as separate classes on all other matters requiring shareholder approval. EPS. The following table presents the computations of basic and diluted EPS:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Operations: |  |  |  |  |
Net income(a) | $ | 34,465 |  |  | $ | 107,130 |  |  | $ | 108,872 |
Net loss attributable to noncontrolling interest | 198 |  |  | 345 |  |  | 590 |
Income attributable to participating securities (unvested shares and units) (b) | (373) |  |  | (1,074) |  |  | (871) |
Net income used in EPS calculation | $ | 34,290 |  |  | $ | 106,401 |  |  | $ | 108,591 |
Share information: |  |  |  |  |
Basic weighted average common shares(c) | 22,015,439 |  |  | 22,059,816 |  |  | 22,002,990 |
Diluted weighted average common shares(d) | 22,015,439 |  |  | 22,173,918 |  |  | 22,053,966 |
Basic EPS | $ | 1.56 |  |  | $ | 4.82 |  |  | $ | 4.94 |
Diluted EPS | $ | 1.56 |  |  | $ | 4.80 |  |  | $ | 4.92 |
(a)Net income attributable to all stockholders. (b)Participating securities included 243,007, 226,410, and 177,398 unvested restricted stock units (“RSUs”) for the years ended December 31, 2024, 2023, and 2022, respectively. (c)Under the two class method, basic weighted average common shares exclude outstanding unvested participating securities. (d)The impacts of the Convertible Senior Notes were included in the diluted weighted average common shares if the inclusion was dilutive. The Convertible Senior Notes would only have a dilutive impact if the average market price per share during the year end exceeds the conversion price of $96.24 per share. There was no dilutive impact for the year ended December 31, 2024. Share Repurchase. On February 29, 2024, the Company announced that its Board of Directors approved a $100,000 share repurchase program. Under the share repurchase program, the Company can repurchase stock from time to time for cash in open market purchases, privately negotiated transactions, or by other means, in accordance with applicable securities laws and other legal requirements. The repurchase program has no expiration date and may be modified, suspended, or discontinued at any time by the Company without prior notice. During the year ended December 31, 2024, the Company repurchased 886,936 shares of Common Stock for approximately $46,588. As of December 31, 2024, there were approximately $53,412 remaining under the share repurchase program. Shares Outstanding Activity. The following table presents the Company’s share activity:
| Shares Outstanding
| Preferred Stock |  | Common Stock
Balance at December 31, 2022 | 437 |  | 21,994,042 |
Issuance of Common Stock | — |  |  | 30,507 |
Repurchase of Common Stock | — |  |  | (8,436) |
Balance at December 31, 2023 | 437 |  | 22,016,113 |
Issuance of Common Stock | — |  |  | 91,051 |
Repurchase of Common Stock (a) | — |  |  | (912,457) |
Balance at December 31, 2024 | 437 |  | 21,194,707 |
(a)886,936 shares were repurchased during the year end December 31, 2024, pursuant to the Company’s share repurchase program. The remaining shares repurchased were related to the tax withholding on equity-based compensation. Dividends and Dividend Equivalents. The following table presents the Company’s dividend and dividend equivalent information:
Dividend and Dividend Equivalent Information (per Share and Unit)
Declaration date |  | Record date |  | Payment date |  | Declared |  | Paid |  | Dividend payment |  | Dividend equivalent payment(a)(b) |  | Total payment(b)
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |
February 22 |  | March 15 |  | March 29 |  | $ | 0.12 |  |  | $ | 0.12 |  |  | $ | 2,641 |  |  | $ | 31 |  |  | $ | 2,672 |
May 2 |  | May 17 |  | May 31 |  | 0.12 |  |  | 0.12 |  |  | 2,642 |  |  | 30 |  |  | 2,672 |
August 1 |  | August 16 |  | August 30 |  | 0.12 |  |  | 0.12 |  |  | 2,639 |  |  | 30 |  |  | 2,669 |
October 31 |  | November 15 |  | November 29 |  | 0.12 |  |  | 0.12 |  |  | 2,588 |  |  | 29 |  |  | 2,617 |
|  |  |  |  |  | $ | 0.48 |  |  | $ | 0.48 |  |  | $ | 10,510 |  |  | $ | 120 |  |  | $ | 10,630 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |
February 23 |  | March 10 |  | March 24 |  | $ | 0.12 |  |  | $ | 0.12 |  |  | $ | 2,640 |  |  | $ | 29 |  |  | $ | 2,669 |
May 4 |  | May 19 |  | June 2 |  | 0.12 |  |  | 0.12 |  |  | 2,641 |  |  | 27 |  |  | 2,668 |
August 3 |  | August 18 |  | September 1 |  | 0.12 |  |  | 0.12 |  |  | 2,642 |  |  | 27 |  |  | 2,669 |
November 2 |  | November 17 |  | December 1 |  | 0.12 |  |  | 0.12 |  |  | 2,642 |  |  | 27 |  |  | 2,669 |
|  |  |  |  |  | $ | 0.48 |  |  | $ | 0.48 |  |  | $ | 10,565 |  |  | $ | 110 |  |  | $ | 10,675 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |
February 22 |  | March 11 |  | March 25 |  | $ | 0.12 |  |  | $ | 0.12 |  |  | $ | 2,638 |  |  | $ | 23 |  |  | $ | 2,661 |
May 5 |  | May 20 |  | June 3 |  | 0.12 |  |  | 0.12 |  |  | 2,638 |  |  | 23 |  |  | 2,661 |
August 4 |  | August 19 |  | September 2 |  | 0.12 |  |  | 0.12 |  |  | 2,639 |  |  | 23 |  |  | 2,662 |
November 3 |  | November 18 |  | December 2 |  | 0.12 |  |  | 0.12 |  |  | 2,639 |  |  | 23 |  |  | 2,662 |
|  |  |  |  |  | $ | 0.48 |  |  | $ | 0.48 |  |  | $ | 10,554 |  |  | $ | 92 |  |  | $ | 10,646 |
(a) Dividend equivalent payments on unvested participating securities (see Note 12, Employee Benefit Plans). (b) Includes estimated forfeitures.

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