Stockholders' Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Stockholders' Equity

10. Stockholders’ Equity

Common Stock

As of December 31, 2025, 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,
	2025			2024			2023
	(In thousands)
Outstanding shares of voting common stock at the beginning of year		37,646			37,900			37,648
Exercise of stock options		—			16			6
Issuance of restricted stock and performance shares,    net of cancellations		183			125			97
Shares withheld for withholding tax payments		(81	)		(61	)		(81	)
Repurchases of common stock		(1,981	)		(342	)		—
Reissuance of treasury stock		10			8			5
Treasury stock used for acquisition		—			—			225
Outstanding shares of voting common stock at the end of year		35,777			37,646			37,900

The Board authorized the 2022 Repurchase Program, the 2024 Repurchase Program and the 2025 Repurchase Program in January 2022, August 2024 and December 2025, respectively. On December 9, 2025, the Company entered into an accelerated stock repurchase agreement (the “ASR”) with JPMorgan Chase Bank, National Association (“JPMorgan”) pursuant to which the Company paid $300.0 million and received an initial delivery of 1,386,001 shares of the Company’s common stock (the “Initial ASR Shares”), representing 80% of the value of such payment in shares, calculated based on the closing share price of $173.16 per share on December 9, 2025. The ASR was accounted for as an equity transaction. The fair value of the Initial ASR Shares of $240.0 million was recorded as a treasury stock transaction. The remaining $60.0 million was recorded as a reduction to additional paid-in capital. Final settlement of the ASR occurred on February 4, 2026 with the delivery of 359,782 additional shares. The average purchase price per share for shares of common stock purchased by the Company pursuant to the ASR was $171.84, which was determined based on the daily volume-weighted average price of the Company’s common stock during the term of the ASR, less a discount.

During the year ended December 31, 2025, the Company repurchased a total of 1,980,715 shares of common stock under the Repurchase Programs at a cost of $360.0 million. As of December 31, 2025, the Company had $205.0 million of remaining capacity under the Repurchase Programs. Shares repurchased under the Repurchase Programs will be held in treasury for future use.

Dividends

During 2025, 2024 and 2023, the Company paid quarterly cash dividends of $0.76 per share, $0.74 per share and $0.72 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.