Equity Transactions

6 Months Ended

Jun. 30, 2022

Stockholders' Equity Note [Abstract]

Equity Transactions

Equity Transactions

Preferred Stock

The Company is authorized to issue 2.0 million shares of preferred stock with a par value of $0.0001 per share. The Company previously issued 1.5 million shares of preferred stock, all of which have converted to common stock. The remaining 0.5 million authorized shares of preferred stock remain undesignated and unissued as of June 30, 2023 and December 31, 2022. As of June 30, 2023 and December 31, 2022, there were no outstanding shares of preferred stock.

Dividends

Stockholders are entitled to receive, when and if declared by the Company’s Board of Directors from time to time, dividends and other distributions in cash, stock or property from the Company’s assets or funds legally and contractually available for such purposes. In each of December 2022 and May 2023, the Company’s Board of Directors approved a dividend of $0.13 per share of common stock. The dividends, which were paid on March 30, 2023 and June 30, 2023 to stockholders of record as of March 15, 2023 and June 15, 2023, respectively, resulted in total payments of $32.7 million for the six months ended June 30, 2023. The Company’s liability related to dividends on common shares underlying unvested RSUs was $0.8 million as of June 30, 2023.

Share Repurchases and Retirement

In February 2021, the Company’s Board of Directors authorized the repurchase of up to $300.0 million of its common stock through December 31, 2022. In March 2022, the Board of Directors expanded the authorization of the repurchase program to include up to an additional $300.0 million of its common stock through December 31, 2023. This timeframe can be extended or shortened by the Board of Directors. Repurchases may be made from time to time on the open market at prevailing prices or in negotiated transactions off the market. The Company records share repurchases at cost, which includes broker commissions and related excise taxes. All shares are immediately retired upon repurchase in accordance with the board-approved policy. When treasury shares are retired, the Company’s policy is to allocate the excess of the repurchase price over the par value of shares acquired first, to additional paid-in capital, and then to retained earnings/accumulated deficit. The portion to be allocated to additional paid-in capital is calculated by applying a percentage, determined by dividing the number of shares to be retired by the number of shares outstanding, to the balance of additional paid-in capital as of the date of retirement.

The Company repurchased and subsequently retired 1.1 million and 2.0 million shares of its common stock during the three and six months ended June 30, 2023, respectively, for a total purchase price of $66.1 million and $119.2 million, respectively, exclusive of $0.5 million of related taxes. The Company repurchased and subsequently retired 1.0 million and 4.8 million shares of its common stock during the three and six months ended June 30, 2022, respectively, for a total purchase price of $35.0 million and $169.2 million, respectively. As of June 30, 2023, $60.4 million remained available and authorized for repurchase under this program through December 31, 2023.