v3.25.2
Stockholders' Equity
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
2016 Stock Repurchase Program
On June 2, 2016, our Board of Directors authorized a stock repurchase program (the “Repurchase Program”), which was most recently increased by $400.0 million to an aggregate authorization of $1.7 billion on April 21, 2025. No time limit has been established for the completion of the Repurchase Program, and the Repurchase Program may be suspended, discontinued
or replaced by the Board of Directors at any time without prior notice. As of June 30, 2025, we had $309.3 million available under the Repurchase Program to repurchase additional shares of our common stock.
The following table details our stock repurchases under the Repurchase Program:
 Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Shares of common stock repurchased and retired2,192 — 3,319 — 
Average price paid per share (1)
$161.88 $— $162.99 $— 
Total cost (1)
$354,893 $— $541,020 $— 
(1)    Excludes excise tax of $3.3 million and $4.8 million incurred during the three and six months ended June 30, 2025, respectively.
As we repurchase our common shares, we reduce stated capital on our Condensed Consolidated Balance Sheets for the $0.01 of par value of the shares repurchased, with the excess purchase price over par value recorded as a reduction to additional paid-in capital. If additional paid-in capital is reduced to zero, we record the remainder of the excess purchase price over par value as a reduction of retained earnings.
Common Stock Outstanding
Common stock outstanding was approximately 32.7 million shares and 35.9 million shares as of June 30, 2025 and December 31, 2024, respectively. Common stock outstanding includes unvested restricted stock awards, which are considered issued and outstanding under the terms of the restricted stock award agreements. The decrease in common stock outstanding was primarily due to stock repurchases under the Repurchase Program during the six months ended June 30, 2025.