| Changes in Equity |
Changes in Equity A reconciliation of the changes in equity for the three months ended March 31, 2026 and 2025 is provided below: | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2026 | | (in thousands) | Common
Stock | Additional
Paid-in
Capital | Retained Earnings | Accumulated
Other
Comprehensive
Loss | Noncontrolling
Interests | Total
Equity | | Balance - December 31, 2025 | $ | 52,791 | | $ | 1,148,634 | | $ | 46,443 | | $ | (29,234) | | $ | 44,028 | | $ | 1,262,662 | | | Net income | — | | — | | 25,696 | | — | | 13,832 | | 39,528 | | | Other comprehensive loss | — | | — | | — | | (1,789) | | (442) | | (2,231) | | | Share-based compensation | — | | 2,132 | | — | | — | | — | | 2,132 | | | Issuance of common stock, net | 102 | | (7,219) | | — | | — | | — | | (7,117) | | | Dividends | — | | — | | (3,330) | | — | | — | | (3,330) | | | Repurchase of common stock | (278) | | (6,048) | | (13,801) | | — | | — | | (20,127) | | | Contributions from noncontrolling interests | — | | — | | — | | — | | 4,994 | | 4,994 | | | Distributions to noncontrolling interests | — | | — | | — | | — | | (11,500) | | (11,500) | | | Balance - March 31, 2026 | $ | 52,615 | | $ | 1,137,499 | | $ | 55,008 | | $ | (31,023) | | $ | 50,912 | | $ | 1,265,011 | |
| | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2025 | | (in thousands) | Common
Stock | Additional
Paid-in
Capital | Accumulated Deficit | Accumulated
Other
Comprehensive
Loss | Noncontrolling
Interests | Total
Equity | | Balance - December 31, 2024 | $ | 52,486 | | $ | 1,146,800 | | $ | (30,575) | | $ | (33,988) | | $ | 23,883 | | $ | 1,158,606 | | | Net income | — | | — | | 27,998 | | — | | 14,751 | | 42,749 | | | Other comprehensive income | — | | — | | — | | 1,798 | | 478 | | 2,276 | | | Share-based compensation | — | | 867 | | — | | — | | — | | 867 | | | Issuance of common stock, net | 217 | | (5,368) | | — | | — | | — | | (5,151) | | | | | | | | | | | | | | | | | | | | | | | | Distributions to noncontrolling interests | — | | — | | — | | — | | (11,750) | | (11,750) | | | Balance - March 31, 2025 | $ | 52,703 | | $ | 1,142,299 | | $ | (2,577) | | $ | (32,190) | | $ | 27,362 | | $ | 1,187,597 | |
Dividends In February 2026, the Board of Directors declared a cash dividend of $0.06 per share payable on March 26, 2026 to all shareholders of record as of March 10, 2026. Total dividends declared in the three months ended March 31, 2026 amounted to $3.3 million, including $0.2 million of accrued dividend equivalent rights relating to unvested share-based awards that are payable when the awards vest. Share Repurchases In November 2025, the Company’s Board of Directors authorized a $200 million share repurchase program. During the three months ended March 31, 2026, we repurchased 277,578 shares of our common stock on the open market for $20 million, at an average price of $72.03 per share, under the repurchase program. As of March 31, 2026, the Company also accrued $0.1 million for applicable excise tax on share repurchases in excess of issuances.
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