Stockholders' Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Stockholders' Equity

STOCKHOLDERS’ EQUITY

Accumulated other comprehensive income (loss)

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

	Year Ended December 31,
	2023		2022		2021
Accumulated gain (loss) at beginning of period	$	40.6	$	(0.2)	$	(8.7)
Unrealized (loss) gain in fair value of interest rate derivatives	(10.2)		37.9		6.1
Reclassification of realized net losses to earnings	3.3		2.9		2.4
Accumulated gain (loss) at end of period	$	33.7	$	40.6	$	(0.2)

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

Share repurchases

On February 22, 2023, our board of directors authorized a stock repurchase program that allows for the repurchase of up to $200.0 million of our outstanding common stock. This program replaced the previous program and is in effect through March 1, 2024. During the year ended December 31, 2023, we repurchased approximately 42.5 thousand shares of our common stock with an aggregate price of approximately $6.3 million, or $147.58 average price per share. As of December 31, 2023, we had $193.7 million remaining on the stock repurchase program. During the year ended December 31, 2022 we repurchased 1.5 million shares of our outstanding common stock under our previous stock repurchase program with an aggregate price of approximately $137.6 million, or $91.54 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, 2024, we announced that our board of directors authorized a new stock repurchase program that allows for the repurchase of up to $300.0 million of our outstanding common stock. The new program replaces the previous program and is in effect through March 1, 2025.

Dividends

During the year ended December 31, 2023, we declared and paid the following cash dividends (amount declared and amount paid in millions):

Declaration Date	Record Date	Payment Date	Dividend Per Share		Amount Declared		Amount Paid
2/22/2023	3/15/2023	3/31/2023	$	0.90	$	25.5	$	25.3
2/22/2023	3/15/2023	3/31/2023	0.33		9.4		9.3
5/5/2023	6/15/2023	6/30/2023	0.33		9.4		9.3
08/02/2023	9/15/2023	9/30/2023	0.33		9.4		9.3
11/08/2023	12/15/2023	12/31/2023	0.33		9.4		9.3

During the year ended December 31, 2022, we declared and paid the following cash dividends (amount declared and amount paid in millions):

Declaration Date	Record Date	Payment Date	Dividend Per Share		Amount Declared		Amount Paid
2/24/2022	3/15/2022	3/31/2022	$	0.90	$	26.6	$	26.2
2/24/2022	3/15/2022	3/31/2022	0.315		9.3		9.2
5/5/2022	6/15/2022	6/30/2022	0.315		9.1		9.0
08/04/2022	9/15/2022	9/30/2022	0.315		9.0		8.9
11/03/2022	12/15/2022	12/31/2022	0.315		8.9		8.8

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 year ended December 31, 2023, we also paid $0.6 million 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.

Our credit facilities place restrictions on the amount of dividends and stock repurchases we can make during a fiscal year. See Note 8, Long-term Debt, for more information.