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Stockholders' Deficit | 3 Months Ended
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Mar. 31, 2023
Equity [Abstract] |
Stockholders' Deficit | Stockholders' Deficit Dividends Dividends declared and paid per share for the three months ended March 31, 2023 and 2022 were as follows:
|  | Three months ended March 31,
|  |  |  | 2023 |  | 2022
Dividends declared per common share |  |  |  | $ | 0.51 |  |  | $ | 0.46 |
Dividends paid per common share |  |  |  | $ | 1.02 |  |  | $ | 0.86 |
On February 17, 2022, the Company's Board of Directors declared a first quarter 2022 cash dividend of $0.46 per share of common stock, paid on April 1, 2022 to the stockholders of record as of the close of business on March 21, 2022. On December 2, 2022, the Board of Directors declared a fourth quarter 2022 cash dividend of $0.51 per share of common stock, paid on January 6, 2023 to the stockholders of record as of the close of business on December 17, 2022. On February 21, 2023, the Board of Directors declared a first quarter 2023 cash dividend of $0.51 per share of common stock, paid on March 31, 2023 to the stockholders of record as of the close of business on March 20, 2023. Stock Repurchase Program In February 2019, the Company’s Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to $200 million of the Company’s common stock (the “2019 Repurchase Program”) on an opportunistic basis from time to time in the open market or in privately negotiated transactions based on business, market, applicable legal requirements and other considerations. The 2019 Repurchase Program, as approved by the Board of Directors, does not require the repurchase of a specific number of shares and can be terminated at any time. On February 17, 2022, the Company's Board of Directors authorized a new share repurchase program, effective April 1, 2022, of up to $250 million (the “2022 Repurchase Program”). In connection with the approval of the 2022 Repurchase Program, the 2019 Repurchase Program terminated effective April 1, 2022. During the three months ended March 31, 2023, the Company repurchased 74,860 shares of common stock at a cost of $5.0 million. Cumulatively, the Company repurchased 1,224,449 shares at a cost of $83.7 million under the 2022 Repurchase Program. Treasury Stock Repurchases of the Company's common stock are included in treasury stock at the cost of shares repurchased plus any transaction costs. Treasury stock may be re-issued when stock options are exercised, when restricted stock awards are granted and when restricted stock units settle in stock upon vesting. The cost of treasury stock re-issued is determined using the first-in, first-out (“FIFO”) method. During the three months ended March 31, 2023, the Company re-issued 194,960 shares of treasury stock at a total FIFO cost of $9.2 million.

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