REPURCHASES OF COMMON STOCK

6 Months Ended

Jun. 30, 2026

We primarily acquire shares of our common stock by repurchases in the open market. We also acquire shares that are surrendered by employees in payment for the statutory withholding taxes due on the vesting of restricted stock units and the settlement of deferred stock units, otherwise referred to herein as employee surrenders. We issue shares of treasury stock upon the vesting of certain restricted stock units and upon the exercise of certain stock options. The number of shares of treasury stock issued during the three and six months ended June 30, 2026 and 2025, was not material. We have recognized approximately $3.1 million and $3.9 million in accrued liabilities related to the timing of settlements for share repurchases as of June 30, 2026 and December 31, 2025, respectively.

The Inflation Reduction Act of 2022 imposed a 1% excise tax on the value of shares repurchased in the open market, net of a reduction for eligible stock issuances, which is included in the cost of treasury stock acquired in open market repurchases. During the six months ended June 30, 2026 and 2025, we incurred applicable excise taxes of $4.9 million and $6.4 million, respectively, and paid excise tax during the six months ended June 30, 2026 and 2025, of $9.1 million and $8.4 million, respectively.

The following table is a summary of our open market common stock repurchases, reported on a trade date basis, and shares acquired through employee surrenders:


(in thousands, except per share amounts)	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025

Shares repurchased in the open market	582		713		1,170		1,644
Shares acquired through employee surrenders for statutory tax withholding	—		2		17		16
Total shares repurchased	582		715		1,187		1,660

Cost of shares repurchased in the open market	$	332,046	$	327,530	$	692,879	$	736,745
Cost of shares for employee surrenders	298		970		10,853		7,094
Total cost of shares	$	332,344	$	328,500	$	703,732	$	743,839

Average cost per share - open market repurchases	$	570.72	$	458.96	$	592.41	$	448.02
Average cost per share - employee surrenders	$	563.62	$	513.46	$	627.34	$	452.84
Average cost per share - total	$	570.71	$	459.10	$	592.92	$	448.07