v3.25.1
Stockholders' Deficit
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Stockholders' Deficit Stockholders' Deficit
Dividends
Dividends declared and paid per share for the three months ended March 31, 2025 and 2024 were as follows:
Three Months Ended March 31,
 20252024
Dividends declared per common share$0.51 $0.51 
Dividends paid per common share$0.51 $0.51 
During the three months ended March 31, 2025 and 2024, the Company paid dividends of $7.8 million and $7.8 million, respectively.
On February 21, 2025, the Board of Directors declared a first quarter 2025 cash dividend of $0.51 per share of common stock, paid on April 4, 2025 to the stockholders of record as of the close of business on March 17, 2025.
On November 22, 2024, the Board of Directors declared a fourth quarter 2024 cash dividend of $0.51 per share of common stock, paid on January 7, 2025 to the stockholders of record as of the close of business on December 20, 2024.
Stock Repurchase Program
In February 2022, the Company’s Board of Directors approved a stock repurchase program, effective April 1, 2022, authorizing the Company to repurchase up to $250 million of the Company’s common stock (the “2022 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 2022 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.
During the three months ended March 31, 2025, the Company repurchased 64,869 shares of common stock at a cost of $1.6 million. Cumulatively, the Company repurchased 1,930,268 shares at a cost of $118.4 million. As of March 31, 2025, a remaining amount of $131.6 million in the value of shares may be repurchased 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, 2025, the Company re-issued 485,497 shares of treasury stock at a total FIFO cost of $23.0 million.