Stockholders' Equity

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Stockholders' Equity

Stockholders' Equity

Below is a reconciliation of our common stock issued and outstanding:

	Common Shares	Treasury Shares	Common Shares Outstanding
Shares as of December 31, 2023 (1)	439,735,256	(886,920)	438,848,336
Shares issued for the three months ended March 31, 2024	4,820,581	N/A	4,820,581
Shares forfeited for the three months ended March 31, 2024 (2)	(933,114)	N/A	(933,114)
Shares as of March 31, 2024	443,622,723	(886,920)	442,735,803
Shares issued for the three months ended June 30, 2024	135,770	N/A	135,770
Shares forfeited for the three months ended June 30, 2024 (2)	(79,395)	N/A	(79,395)
Shares repurchased for the three months ended June 30, 2024 (3)	N/A	(961,360)	(961,360)
Shares as of June 30, 2024	443,679,098	(1,848,280)	441,830,818

(1)Treasury shares as of December 31, 2023 are primarily related to the forfeiture of unvested incentive units granted prior to the IPO.

(2)Includes shares surrendered related to payroll tax withheld for the vested restricted shares.

(3)Shares acquired under our three-year stock repurchase program.

Stock Repurchase Program

On April 30, 2024, our Board of Directors authorized a three-year stock repurchase program, (the "2024 Stock Repurchase Program"), under which the Company may repurchase up to 10.0 million shares of its common stock. Purchases may be made from time to time in the open market at prevailing prices or in privately negotiated transactions through April 30, 2027. The repurchase program does not obligate the Company to acquire any specific number of shares and may be suspended or terminated at any time. During the three and six months ended June 30, 2024 we repurchased 961,360 shares of common stock for $9.3 million, net of accrued excise tax, at an average price of $9.71 per share.

Stockholder Dividends

The following dividends were declared by our Board of Directors and subsequently paid during the six months ended June 30, 2024:

Declaration Date	Record Date	Payment Date	Dividends Per Share
February 8, 2024	March 7, 2024	March 21, 2024	$	0.05
April 30, 2024	June 6, 2024	June 20, 2024	$	0.05

Dividends accrued for restricted shares are contingent and payable upon vesting of the underlying restricted shares.