(4) Stock Repurchase

The Company’s Board of Directors (the “Board”) adopted a stock repurchase program in May 2023, which authorizes the Company to repurchase shares of the Company’s common stock in the public market or in private transactions, from time to time, at prevailing prices. Under the stock repurchase program, the Board initially authorized up to $250.0 million for the repurchase of the Company’s common stock. In May 2025, the Board approved a $250.0 million increase to the existing stock repurchase program, and in July 2026, the Board approved an additional $250.0 million increase to the existing stock repurchase program. At September 30, 2026, $238.3 million remained available under the stock repurchase program.

During the nine months ended September 30, 2026, the Company repurchased 2,353,281 shares of common stock for $224.8 million at a weighted average price per share of $95.53. The Company also recorded $1.5 million of excise tax related to the stock repurchases as treasury stock in the Company’s stockholders’ equity for the nine months ended September 30, 2026. During the nine months ended September 30, 2025, the Company repurchased 580,257 shares of common stock for $57.6 million at a weighted average price per share of $99.23. The Company also recorded $0.2 million of excise tax related to the stock repurchases as treasury stock in the Company’s stockholders’ equity for the nine months ended September 30, 2025.