Stockholders' Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Preferred Stock

The Company is authorized to issue up to 5.0 million shares of preferred stock.  Any such preferred stock issued by the

Company may rank prior to common stock as to dividend rights, liquidation preference or both, may have full or limited voting

rights, and may be convertible into shares of common stock.  As of December 31, 2025, the Company had no shares of 

preferred stock outstanding.

Common Stock

The Company is authorized to issue up to 150.0 million shares of voting common stock and 3.0 million shares of class B

non-voting common stock.

The Company’s Board of Directors authorized a share repurchase program in July 2024 to repurchase up to 5.4 million

shares of its common stock and this authorization has no expiry.  Purchases may be made from time to time, at management’s

discretion, in the open market or in privately negotiated transactions, including through the use of trading plans, as well as

pursuant to accelerated share repurchase programs or other share repurchase strategies that may include derivative financial

instruments.  For the year ended December 31, 2025, the Company repurchased 3.3 million shares of its common stock at an

average price per share of $212.92.  As of December 31, 2025, there were a total of 2.0 million shares available for repurchase

under the Company’s July 2024 share repurchase program.  The Company’s Board of Directors authorized an additional share

repurchase program in January 2026 to repurchase up to 4.2 million shares of the Company’s common stock.

The following table summarizes the Company's share repurchase activity:

	Shares Repurchased	Average Price Per Share
2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	3.0	$132.99
2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	4.3	162.65
2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	3.3	212.92

Equity Distribution Program

In the first quarter of 2025, the Company entered into an equity distribution agreement and forward sale agreements with

several major securities firms under which it may, from time to time, issue and sell shares of its common stock (immediately or

on a forward basis) having an aggregate sales price of up to $500.0 million (the “equity distribution program”).  This equity

distribution program superseded and replaced the Company’s prior equity distribution program.  As of December 31, 2025, no

sales had occurred under the equity distribution program.

Financial Instruments

The equity distribution program meets the definition of equity and is not required to be accounted for separately as a

derivative financial instrument.

Prior to the Election Date, the Company’s junior convertible securities, which contained an embedded right for holders to

receive shares of the Company’s common stock under certain conditions, met the definition of equity and were not required to

be accounted for separately as derivative financial instruments.  Subsequently, the Company’s election to settle each applicable

conversion premium in cash using a ten-day reference period was accounted for as a forward sale contract.  See Note 5.