Capital stock |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Equity [Abstract] | |
| Capital stock | Capital stock Share repurchases The Board of Directors of the Company (the “Board”) has authorized repurchases of up to $2,750,000 under the Company’s existing share repurchase program, including $500,000 approved in the first quarter of 2025. Under the program, shares may be purchased in privately negotiated and/or open market transactions, including under plans complying with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. During the six months ended June 30, 2024 and 2025, the Company repurchased 2,784,988 and 1,898,010 of its common shares, respectively, on the open market at a weighted average price of $34.67 and $48.98 per share, respectively, for an aggregate cash amount of $92,630 and $92,961, respectively. All repurchased shares have been retired. The Company records repurchases of its common shares on the settlement date of each transaction. Shares purchased and retired are deducted to the extent of their par value from common shares and from retained earnings for the excess over par value. Direct costs incurred to acquire the shares are included in the total cost of the shares purchased. For the six months ended June 30, 2024 and 2025, retained earnings were reduced by the direct costs, including taxes, related to share repurchases of $256 and $538, respectively. $554,045 remained available for share repurchases under the Company’s existing share repurchase program as of June 30, 2025. This repurchase program does not obligate the Company to acquire any specific number of shares and does not specify an expiration date. 16. Capital stock (Continued) Dividend On February 8, 2024, the Company announced that its Board approved an 11% increase in its quarterly cash dividend to $0.1525 per share, up from $0.1375 per share in 2023, representing an annual dividend of $0.61 per common share, up from $0.55 per share in 2023, payable to holders of the Company’s common shares. On March 26, 2024 and June 26, 2024, the Company paid a dividend of $0.1525 per share, amounting to $27,492 and $27,337 in the aggregate, to shareholders of record as of March 11, 2024 and June 10, 2024, respectively. On February 6, 2025, the Company announced that its Board approved an 11% increase in its quarterly cash dividend to $0.17 per share, up from $0.1525 per share in 2024, representing a planned annual dividend of $0.68 per common share, up from $0.61 per share in 2024, payable to holders of the Company’s common shares. On March 26, 2025 and June 30, 2025, the Company paid a dividend of $0.17 per share, amounting to $29,784 and $29,624 in the aggregate, to shareholders of record as of March 11, 2025 and June 18, 2025, respectively.
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