Stockholder’s Equity

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Stockholder’s Equity

Stockholder’s Equity

The Company’s Certificate of Incorporation authorize both common and preferred stock. The total number of shares of all classes of stock authorized for issuance is 110,000,000 shares, par value of $0.001, with 10,000,000 designated as preferred stock and 100,000,000 designated as common stock. Each holder of common stock and preferred stock shall be entitled to one vote per share held.

During the years ended December 31, 2024 and 2023, the Company paid out special and regular quarterly dividend totaling $31,016,000 and $20,909,000, respectively. Additionally, as described in Note 22 — Subsequent Events, on February 13, 2025, the Company's Board of Directors declared a quarterly cash dividend of $0.45 per share on the Company's common stock.

Secondary Offering

On September 12, 2023, certain selling stockholders completed a secondary public offering of shares of the Company's common stock. The Company did not receive any of the proceeds from the sale of these shares by the selling stockholders. The Company incurred offering transaction costs of $453,000, which were recognized in general and administrative expense in the consolidated statement of income for the year ended December 31, 2023.