Equity Transactions |
6 Months Ended |
|---|---|
Jun. 30, 2024 | |
| Stockholders' Equity Note [Abstract] | |
| Equity Transactions | Equity Transactions Preferred Stock The Company is authorized to issue 2.0 million shares of preferred stock with a par value of $0.0001 per share. The Company previously issued 1.5 million shares of preferred stock, all of which have converted to common stock. The remaining 0.5 million authorized shares of preferred stock remained undesignated and unissued as of June 30, 2025 and December 31, 2024. As of June 30, 2025 and December 31, 2024, there were no outstanding shares of preferred stock, as all previously designated and issued preferred stock was converted into common stock in prior periods. Dividends Stockholders are entitled to receive, when and if declared by the Company’s Board of Directors from time to time, dividends and other distributions in cash, stock or property from the Company’s assets or funds legally and contractually available for such purposes. The Company paid dividends of $0.14 per share of common stock for each of the three months ended March 31 and June 30, 2025, resulting in total payments to stockholders of $30.8 million for the six months ended June 30, 2025. Dividend payments for the six months ended June 30, 2024 totaled $32.8 million. The Company’s liability related to dividends on common shares underlying unvested restricted stock units (“RSUs”) was $3.0 million and $2.5 million as of June 30, 2025 and December 31, 2024, respectively. Share Repurchase Program Since February 2021, the Company’s Board of Directors has authorized the repurchase of up to $1,500.0 million of the Company’s common stock, including the most recent approval in September 2024 of $500.0 million through December 31, 2027. This timeframe can be extended or shortened by the Board of Directors. Repurchases may be made from time to time on the open market at prevailing prices or in negotiated transactions off the market. The Company records share repurchases at cost, which includes broker commissions and related excise taxes. All shares are immediately retired upon repurchase in accordance with the board-approved policy. When treasury shares are retired, the Company’s policy is to allocate the excess of the repurchase price over the par value of shares acquired first, to additional paid-in capital, and then to retained earnings/accumulated deficit. The portion to be allocated to additional paid-in capital is calculated by applying a percentage, determined by dividing the number of shares to be retired by the number of shares outstanding, to the balance of additional paid-in capital as of the date of retirement. During the three and six months ended June 30, 2025, the Company repurchased and subsequently retired 2.6 million and 4.9 million shares of its common stock, respectively, for a total purchase price of $65.0 million and $135.0 million, respectively. During the three and six months ended June 30, 2024, the Company repurchased and subsequently retired 3.3 million and 5.1 million shares of its common stock, respectively, for a total purchase price of $96.6 million and $153.3 million, respectively. During the three and six months ended June 30, 2025, the Company incurred $0.6 million and $1.1 million, respectively, of related taxes, which are not included in the total purchase price. Similarly, during the three and six months ended June 30, 2024, the Company incurred $0.9 million and $1.5 million, respectively, of related taxes, which are not included in the total purchase price. As of June 30, 2025, $295.3 million remained available and authorized for repurchase under this program.
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