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Treasury Shares
9 Months Ended
Sep. 30, 2026
Equity [Abstract]  
Treasury Shares

Note 19 Treasury Shares

During 2025, the Company repurchased 274,490 shares of Class A common stock for $43.7 million, inclusive of transaction costs, under the repurchase programs then in effect. See Note 21, Treasury Shares, in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

On February 27, 2026, the Board of Directors authorized a new share repurchase program of up to $300.0 million of Class A common stock (the "Repurchase Program"), replacing the prior $125.0 million program, under which approximately $113.2 million remained available at replacement. Repurchases may be made through open market or privately negotiated transactions, block trades, accelerated share repurchases, or Rule 10b5-1 plans, at management's discretion. The Repurchase Program does not obligate the Company to repurchase any shares, has no expiration date, and may be suspended or discontinued at any time.

During the nine months ended September 30, 2026, the Company repurchased 1,010,312 shares for approximately $211.9 million under the Repurchase Program, consisting of (i) 334,600 shares repurchased on March 9, 2026 in privately negotiated transactions through J.P. Morgan Securities LLC, as agent, at $210.67 per share for approximately $70.5 million, funded from the net proceeds of the 2031 Notes offering (see Note 8, Convertible Notes), and (ii) 675,712 shares repurchased in open market transactions for approximately $141.4 million, funded from general corporate funds. During the three months ended September 30, 2026, the Company repurchased 18,080 shares for approximately $6.0 million under the Repurchase Program.

All repurchased shares are recorded as treasury shares at cost within stockholders’ equity. No treasury shares were retired or reissued during the nine months ended September 30, 2026. As of September 30, 2026, approximately $88.1 million remained available under the Repurchase Program. The Inflation Reduction Act imposed a nondeductible 1% excise tax on the net value of certain share repurchases. During the nine months ended September 30, 2026 and 2025, the excise tax on net share repurchases was approximately $1.4 million and $0.3 million, respectively, and is included in the carrying value of treasury shares on the condensed consolidated balance sheet.