COMMON AND PREFERRED STOCK |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Equity [Abstract] | |
| COMMON AND PREFERRED STOCK | COMMON AND PREFERRED STOCK Common Stock On May 23, 2024, the Company filed an amendment to its certificate of incorporation, which was effective upon filing, to increase the number of authorized shares of common stock, par value $0.001 per share, from 135,000,000 to 270,000,000, as approved by the Company’s stockholders at the 2024 Annual Meeting of Stockholders on May 23, 2024. As of June 30, 2025, the Company had 97,594,682 shares of common stock issued and outstanding. Preferred Stock The Company is authorized to issue up to 5,000,000 shares of preferred stock, par value $0.001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of June 30, 2025, the Company had zero shares of preferred stock issued and outstanding. 2025 Activity Common Stock During the six months ended June 30, 2025, 50,380 shares of common stock were surrendered by certain employees of the Company to cover tax obligations in connection with the vesting of their restricted stock awards. The total value of these shares surrendered, based on the market prices on the dates the shares were surrendered, was approximately $1.5 million. During the six months ended June 30, 2025, 1,313 shares of the Company’s stock, previously issued as stock-based compensation, were forfeited by a former employee of the Company upon separation. During the six months ended June 30, 2025, the Company issued 155,425 shares of its common stock to executive officers, employees, and directors as stock-based compensation (see Note 6). Dividends In January 2025, the Company’s board of directors declared a cash dividend on the Company’s common stock in the amount of $0.45 per share. The dividend was paid on April 30, 2025, to stockholders of record as of the close of business on March 28, 2025. In April 2025, the Company’s board of directors declared a cash dividend on the Company’s common stock in the amount of $0.45 per share. The dividend was paid on July 31, 2025, to stockholders of record as of the close of business on June 27, 2025. In July 2025, the Company’s board of directors declared a cash dividend on the Company’s common stock in the amount of $0.45 per share. The dividend is payable on October 31, 2025, to stockholders of record as of the close of business on September 29, 2025. Stock Repurchase Program In May 2022, the Company’s board of directors approved a stock repurchase program to acquire up to $150.0 million of the Company’s outstanding common stock. In July 2024, the Company’s board of directors terminated the prior stock repurchase program, which was substantially depleted, and approved a new stock repurchase program to acquire up to $150.0 million of the Company’s outstanding common stock. In March 2025, the Company’s board of directors approved a $100.0 million increase to the authorization under this stock repurchase program. The stock repurchase program allows the Company to repurchase its shares from time to time in the open market, block transactions and in negotiated transactions. During the six months ended June 30, 2025, the Company repurchased 1,622,695 shares of its common stock for $50.5 million (including commissions and excise taxes) under the stock repurchase program. The Company’s accounting policy upon the repurchase of shares is to deduct its par value from common stock and to reflect any excess of cost over par value as a deduction from Additional Paid-in Capital. All repurchased shares are included in the Company’s pool of authorized but unissued shares.
|