v3.26.1
Common Stock
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Common Stock Common Stock
Dividends
The Company declared dividends per common share, including DERs (Note 11), during the periods presented as follows:
Dividends per Common Share
Amount
(in thousands)
2026:
Second Quarter$0.255 $15,508 
First Quarter0.255 15,595 
Total dividends declared in 2026$0.510 $31,103 
2025:
Fourth Quarter$0.235 $14,112 
Third Quarter0.235 14,388 
Second Quarter0.235 14,298 
First Quarter0.235 14,576 
Total dividends declared in 2025$0.940 $57,374 
During the third quarter of 2026, the Company's board of directors declared a dividend of $0.255 per share of common stock to shareholders of record as of September 4, 2026 and payable on September 18, 2026.
Share Repurchase Program
As of June 30, 2026, the board of directors had authorized the Company to repurchase up to $1.25 billion of its issued and outstanding common stock since the share repurchase program was established in 2018. This program may be extended or otherwise modified by the board of directors at any time and will remain in effect until completed or until terminated by the board of directors. Share repurchases may be effected from time to time in open market or privately negotiated transactions, including transactions with affiliates, with the timing of purchases and the amount of stock purchased generally determined at the discretion of the Company consistent with the Company's general working capital needs and within the constraints of the Credit Agreement (Note 5).
On June 14, 2024, the Company entered into an agreement with Magnus Holdings Co., Ltd. ("Magnus"), to purchase from Magnus an equal amount of its common stock as it purchases on the open market over the period of time from July 1, 2024 through December 31, 2024, up to an aggregate of $62.5 million, at the same weighted average per share price (the "June 2024 Agreement"). On April 10, 2025, the Company purchased 935,907 shares of its common stock from Magnus for an aggregate of $62.5 million in satisfaction of its obligation under the June 2024 Agreement.
On December 17, 2024, the Company entered into an agreement with Magnus to purchase from Magnus an equal amount of its common stock as it purchases on the open market over the period of time from January 2, 2025 through June 30, 2025, up to an aggregate of $62.5 million, at the same weighted average per share price (the "December 2024 Agreement"). On July 10, 2025, the Company purchased 953,406 shares of its common stock from Magnus for an aggregate of $62.5 million in satisfaction of its obligation under the December 2024 Agreement.
On June 8, 2026, the Company entered into an agreement with Magnus to purchase from Magnus an equal amount of its common stock as it purchases on the open market over the period of time from June 10, 2026 through September 30, 2026, up to an aggregate of $52.5 million, at the same weighted average per share price (the "2026 Agreement"). As of June 30, 2026, no share repurchase liability was recorded in relation to the 2026 Agreement.
The Company's share repurchase activity for the periods presented was as follows:
Three months ended June 30,Six months ended June 30,
(in thousands, except share and per share amounts)2026202520262025
Shares repurchased in the open market:
Shares repurchased 182,231 412,462 288,239 953,406 
Average price$87.94 $62.73 $90.21 $65.56 
Aggregate value
$16,026 $25,872 $26,003 $62,509 
Shares repurchased from Magnus:
Shares repurchased— 935,907 — 935,907 
Average price (1)
$— $66.78 $— $66.78 
Aggregate value$— $62,500 $— $62,500 
Total shares repurchased:
Shares repurchased182,231 1,348,369 288,239 1,889,313 
Average price$87.94 $65.54 $90.21 $66.17 
Aggregate value$16,026 $88,372 $26,003 $125,009 
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(1) In accordance with the share repurchase agreements, shares purchased from Magnus are accrued for at the same weighted average price as those purchased on the open market, as if the purchase from Magnus had occurred on the same day. As such, the average price of Magnus repurchases during any given period will differ from open market repurchases due to the settlement of the previously recorded share repurchase liability, as well as open market purchases made after the completion of the Magnus share repurchase agreements.

As of June 30, 2026, the Company had $214.7 million remaining under the current share repurchase authorization.
Common Stock Retirement
The Company records retirements of repurchased common stock, upon either formal or constructive retirement, at cost and allocates the excess of the repurchase price over the par value of shares acquired to both retained earnings and additional paid-in capital. The portion allocated to additional paid-in capital is calculated on a pro rata basis of the shares to be retired and the total shares issued and outstanding as of the date of retirement. When shares of common stock are retired, they are deducted from the number of shares issued.
As of June 30, 2026, the Company presented as retired 288,239 shares of its repurchased common stock with an aggregate repurchase price of $26.0 million, which the Company intends to formally retire in 2026.