Stockholders' Equity

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Stockholders' Equity

STOCKHOLDERS’ EQUITY

Accumulated other comprehensive income

The change in accumulated other comprehensive income related to our interest rate derivatives, net of taxes, was as follows (in thousands):

	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
Accumulated gain (loss) at beginning of period	$	39,653	$	28,034	$	40,560	$	(227)
Unrealized gains in fair value	4,651		13,547		2,102		40,577
Reclassifications of realized net losses to earnings	831		832		2,473		2,063
Accumulated gain at end of period	$	45,135	$	42,413	$	45,135	$	42,413

The reclassifications of realized net losses to earnings in the above table are recorded within interest expense, net.

Share repurchases

We did not repurchase any common stock during the three and nine months ended September 30, 2023. During the three months ended September 30, 2022, we repurchased approximately 142 thousand shares of our common stock with an aggregate price of approximately $12.5 million, or $88.27 average price per share. Repurchases during the nine months ended September 30, 2022 amounted to approximately 1.2 million shares of our common stock with an aggregate price of approximately $112.2 million, or $92.98 average price per share. The effect of these treasury shares in reducing the number of common shares outstanding is reflected in our earnings per share calculation.

On February 22, 2023, we announced that our board of directors authorized a new stock repurchase program that allows for the repurchase of up to $200.0 million of our outstanding common stock. The new program replaces the previous program and is in effect through March 1, 2024.

Dividends

During the nine months ended September 30, 2023, we declared and paid the following cash dividends (amount declared and amount paid in thousands):

Declaration Date	Record Date	Payment Date	Dividend Per Share		Amount Declared		Amount Paid
2/22/2023	3/15/2023	3/31/2023	$	0.90	$	25,537	$	25,270
2/22/2023	3/15/2023	3/31/2023	0.33		9,364		9,266
5/5/2023	6/15/2023	6/30/2023	0.33		9,375		9,307
8/2/2023	9/15/2023	9/30/2023	0.33		9,375		9,307

During the nine months ended September 30, 2022, we declared and paid the following cash dividends (amount declared and amount paid in thousands):

Declaration Date	Record Date	Payment Date	Dividend Per Share		Amount Declared		Amount Paid
2/24/2022	3/15/2022	3/31/2022	$	0.90	$	26,585	$	26,242
2/24/2022	3/15/2022	3/31/2022	0.315		9,305		9,184
5/5/2022	6/15/2022	6/30/2022	0.315		9,054		8,982
8/4/2022	9/15/2022	9/30/2022	0.315		9,018		8,945

The amount of dividends declared may vary from the amount of dividends paid in a period due to the vesting of restricted stock awards and performance share awards, which accrue dividend equivalent rights that are paid when the award vests. During the nine months ended September 30, 2023 and 2022, we also paid $0.6 million and $0.5 million, respectively, in accrued dividends not included in the table above related to the vesting of these awards. The payment of future dividends will be at the

discretion of our board of directors and will depend on our future earnings, capital requirements, financial condition, future prospects, results of operations, contractual restrictions, legal requirements, and other factors deemed relevant by our board of directors.