Stockholders' Equity

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Stockholders' Equity

10. Stockholders’ Equity

Common Stock

As of December 31, 2024, 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:

	Year Ended December 31,
	2024			2023			2022
	(In thousands)
Outstanding shares of voting common stock at the beginning of year		37,900			37,648			37,919
Exercise of stock options		16			6			29
Issuance of restricted stock and performance shares, net of cancellations		125			97			66
Shares withheld for withholding tax payments		(61	)		(81	)		(86	)
Repurchases		(342	)		—			(280	)
Reissuance of treasury stock		8			5			—
Treasury stock used for acquisition		—			225			—
Outstanding shares of voting common stock at the end of year		37,646			37,900			37,648

The Board authorized the 2022 Repurchase Program and the 2024 Repurchase Program in January 2022 and August 2024, respectively. During the year ended December 31, 2024, the Company repurchased 341,477 shares of common stock under the Repurchase Programs at a cost of $75.0 million. As of December 31, 2024, the Company had $225.0 million of remaining capacity under the Repurchase Programs. Shares repurchased under the Repurchase Programs will be held in treasury for future use.

Dividends

During 2024, 2023 and 2022, the Company paid quarterly cash dividends of $0.74 per share, $0.72 per share and $0.70 per share, respectively. Any future declaration and payment of dividends will be at the sole discretion of the 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.