Stockholders' Deficit

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Stockholders' Deficit

Stockholders' Deficit

Dividends

Dividends declared and paid per share for the three and nine months ended September 30, 2022 and 2021 were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Dividends declared per common share	$	0.51	$	—	$	1.48	$	—
Dividends paid per common share	$	1.02	$	—	$	1.88	$	—

On October 28, 2021, the Company's Board of Directors declared a fourth quarter 2021 cash dividend of $0.40 per share of common stock, paid on January 7, 2022 to the stockholders of record as of the close of business on December 17, 2021.

On February 17, 2022, the Company's Board of Directors declared a first quarter 2022 cash dividend of $0.46 per share of

common stock, paid on April 1, 2022 to the stockholders of record as of the close of business on March 21, 2022.

On May 12, 2022, the Company's Board of Directors declared a second quarter 2022 cash dividend of $0.51 per share of

common stock, paid on July 8, 2022 to the stockholders of record as of the close of business on June 20, 2022.

On September 9, 2022, the Company's Board of Directors declared a third quarter 2022 cash dividend of $0.51 per share of

common stock, paid on September 30, 2022 to the stockholders of record as of the close of business on September 20, 2022.

Stock Repurchase Program

In February 2019, the Company’s Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to $200 million of the Company’s common stock (the “2019 Repurchase Program”) on an opportunistic basis from time to time in the open market or in privately negotiated transactions based on business, market, applicable legal requirements and other considerations. The 2019 Repurchase Program, as approved by the Board of Directors, does not require the repurchase of a specific number of shares and can be terminated at any time. 

On February 17, 2022, the Company's Board of Directors authorized a new share repurchase program, effective April 1, 2022, of up to $250 million (the “2022 Repurchase Program”). In connection with the approval of the 2022 Repurchase Program, the 2019 Repurchase Program terminated effective April 1, 2022. Cumulatively, the Company repurchased 588,108 shares of common stock at a cost of $41.4 million under the 2019 Repurchase Program through April 1, 2022.

During the three and nine months ended September 30, 2022, the Company repurchased 140,997 and 1,642,097 shares of common stock at a cost of $9.5 million and $113.6 million, respectively. The amounts for the three months ended September 30, 2022 relate to the 2022 Repurchase Program. For the nine months ended September 30, 2022, 588,108 shares of common stock at a cost of $41.4 million relate to the 2019 Repurchase Program and 1,053,989 shares of common stock at a cost of $72.1 million relate to the 2022 Repurchase Program. The Company did not repurchase any shares of common stock during the three and nine months ended September 30, 2021.

Treasury StockRepurchases of the Company's common stock are included in treasury stock at the cost of shares repurchased plus any transaction costs. Treasury stock may be re-issued when stock options are exercised, when restricted stock awards are granted and when restricted stock units settle in stock upon vesting. The cost of treasury stock re-issued is determined using the first-in, first-out (“FIFO”) method. During the nine months ended September 30, 2022, the Company re-issued 186,035 shares of treasury stock at a total FIFO cost of $8.7 million.