v3.26.1
Stockholders' Equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
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 $370.0 million to an aggregate authorization of $2.6 billion on June 3, 2026. 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, 2026, we had $344.0 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,
 2026202520262025
Shares of common stock repurchased and retired2,591 2,192 3,378 3,319 
Average price paid per share (1)
$150.84 $161.88 $153.24 $162.99 
Total cost (1)
$390,853 $354,893 $517,664 $541,020 
(1)    Excludes commissions and excise tax of $3.8 million and $5.2 million incurred during the three and six months ended June 30, 2026, respectively, and $3.3 million and $4.8 million for 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 to retained earnings.
Common Stock Outstanding
Common stock outstanding was approximately 27.7 million shares and 30.9 million shares as of June 30, 2026 and December 31, 2025, 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, 2026.