Stockholders' Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Stockholders' Equity

10. Stockholders’ Equity

Common Stock

As of December 31, 2023, the Company had 110,000,000 authorized shares of voting common stock and 10,000,000 authorized shares of non-voting common stock. Voting common stock entitles the holder to one vote per share of common stock held.

The following is a summary of the changes in the Company’s outstanding shares of voting common stock:

	December 31, 2023
	2023			2022			2021
	(In thousands)
Outstanding shares of voting common stock at the beginning of year		37,648			37,919			38,005
Exercise of stock options		6			29			92
Issuance of restricted stock and performance shares, net of cancellations		97			66			48
Shares withheld for withholding tax payments		(81	)		(86	)		(75	)
Repurchases		—			(280	)		(151	)
Reissuance of treasury stock		5			—			—
Treasury stock used for acquisition		225			—			—
Outstanding shares of voting common stock at the end of year		37,900			37,648			37,919

In January 2019, the Board authorized a two-year share repurchase program for up to $100.0 million, which commenced in April 2019 and expired in March 2021. In January 2021, the Board authorized a share repurchase program for up to $100.0 million that commenced in April 2021 and was completed in January 2022. In January 2022, the Board authorized a share repurchase program for up to $150.0 million. Shares repurchased under each program will be held in treasury for future use.

Dividends

During 2023, 2022 and 2021, the Company paid quarterly cash dividends of $0.72 per share, $0.70 per share and $0.66 per share, respectively. Any future declaration and payment of dividends will be at the sole discretion of the Company’s Board. The Board may take into account such matters as general business conditions, the Company’s financial results and condition, capital requirements, contractual obligations, and legal and regulatory restrictions on the payment of dividends to the Company’s stockholders or by the Company’s subsidiaries to their respective parent entities, and any such other factors as the Board may deem relevant.