The Company issued approximately 27,000 and 31,000 shares of common stock during the three months ended March 31, 2025 and 2024, respectively, related to the exercise of stock options and the vesting of restricted stock units.

In June 2023, the Company’s Board of Directors approved a share repurchase program (the “2023 Share Repurchase Program”), providing authorization to repurchase up to $100 million of its common stock.

The Company expects to fund future repurchases, if any, through a combination of cash on hand, cash generated by operations and future financing transactions, if appropriate. Accordingly, the 2023 Share Repurchase Program is subject to the Company having available cash to fund repurchases. Under the 2023 Share Repurchase Program, management is authorized to purchase shares of the Company’s common stock from time to time through open market purchases or privately negotiated transactions at prevailing prices as permitted by securities laws and other legal requirements, and subject to market conditions and other factors.

As of March 31, 2025, the Company has repurchased approximately 5.5 million shares of common stock under the 2023 Share Repurchase Program at an average per-share cost of $48.86. During the three months ended March 31, 2025 and 2024, the Company did not repurchase any shares of common stock. As of March 31, 2025, the Company had $30.2 million of remaining authorization for purchases under the 2023 Share Repurchase Program.

On April 21, 2025, the Company’s Board of Directors declared a quarterly cash dividend of $0.33 per share of outstanding common stock payable on June 19, 2025 to stockholders of record at the close of business on June 5, 2025. Future declarations of dividends are subject to the final determination of the Board of Directors, and will depend on, among other things, the Company’s future financial condition, results of operations, capital requirements, capital expenditure requirements, contractual restrictions, anticipated cash needs, business prospects, provisions of applicable law and other factors the Board of Directors may deem relevant.

The Company recognizes stock-based compensation expense for all equity-based compensation awards, including employee restricted stock units and performance-based restricted stock units (“PRSUs” and, collectively with Restricted Stock Units, “RSUs”) and stock options, based on the fair value of each award on the grant date. Awards granted prior to June 1, 2022 were granted under the Company’s Amended and Restated 2012 Omnibus Equity Incentive Plan (the “2012 Plan”). At the Annual Meeting held on June 2, 2022, the Company’s stockholders approved the 2022 Omnibus Equity Incentive Plan (the “2022 Plan”). Awards granted subsequent to June 2, 2022 were granted under the 2022 Plan. At the Annual Meeting held on June 6, 2024, the Company’s stockholders approved the Amended and Restated 2022 Omnibus Equity Incentive Plan (the “2022 Amended and Restated Plan”). Awards granted subsequent to June 6, 2024 were granted under the 2022 Amended and Restated Plan.

The following table summarizes non-cash equity-based compensation expense, net of forfeitures, by financial statement line item included in the accompanying Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024 (in thousands):

During the three months ended March 31, 2025, no options to purchase shares of its common stock were granted. As of March 31, 2025, there were approximately 264,000 options vested and exercisable with a weighted average exercise price of $32.95.

During the three months ended March 31, 2025, the Company had RSU grants, net of forfeitures, of approximately 79,000. As of March 31, 2025, there are approximately 2,932,000 non-vested RSUs outstanding with a weighted average grant-date fair value of $45.34. As of March 31, 2025, the total unrecognized non-cash equity-based compensation expense related to the non-vested RSUs was approximately $64.2 million, which is expected to be recognized through 2029.

During the three months ended March 31, 2025 and 2024, shares of common stock with an aggregate value of $0.5 million and $1.0 million were withheld upon vesting of RSUs and paid in connection with related remittance of employee withholding taxes to taxing authorities.