Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Class of Treasury Stock

Our open market repurchase programs are as follows:

Agreement Execution Date	Authorized Repurchase $	Expiration Date
March 13, 2020	$20 million	November 9, 2022
November 3, 2022	$50 million	**1, 2
1 Expiration Date is at Board's discretion. The Company is authorized to effectuate repurchases of the Company's common stock on terms and conditions approved in advance by the Board.
2 As of December 31, 2023, there is approximately $25.0 million remaining under the current stock repurchase program. The remaining amount available is subject to a Board authorized 10b5-1 plan requiring certain market conditions and requirements.

The Company repurchases shares of AAON stock from employees for payment of statutory tax withholdings on stock transactions. All other repurchases from directors or employees are contingent upon Board approval. All repurchases are done at current market prices.

Schedule of Share Repurchases

Our repurchase activity is as follows:

	2023					2022					2021
	(in thousands, except share and per share data)
Program	Shares1	Total $		$ per share1		Shares1	Total $		$ per share1		Shares1	Total $		$ per share1
Open market	402,873	$	25,009	$	62.08	183,168	$	6,823	$	37.25	—	$	—	$	—
401(k)	—	—		—		155,904	5,913		37.93		446,658	20,876		46.74
Employees	21,904	1,302		59.44		25,842	1,019		39.43		33,789	1,590		47.06
Total	424,777	$	26,311	$	61.94	364,914	$	13,755	$	37.69	480,447	$	22,466	$	46.76
1 Reflects three-for-two stock split effective August 16, 2023.

Our repurchase activity since Company inception, including our current authorized stock repurchase programs are as follows:

	Inception to Date
	(in thousands, except share and per share data)
Program	Shares1	Total $		$ per share1
Open market	6,893,924	$	106,625	$	15.47
401(k)	12,462,552	171,789		13.78
Directors & employees	3,089,337	24,662		7.98
Total	22,445,813	$	303,076	$	13.50
1 Reflects three-for-two stock split effective August 16, 2023.

Schedule of Dividends

Our cash dividends for the three years ended December 31, 2023 are as follows:

			Dividend	Annualized Dividend
Declaration Date1	Record Date	Payment Date	per Share2	per Share2
May 17, 2021	June 3, 2021	July 1, 2021	$0.13	$0.26
November 9, 2021	November 26, 2021	December 17, 2021	$0.13	$0.26
May 18, 2022	June 3, 2022	July 1, 2022	$0.13	$0.26
November 8, 2022	November 28, 2022	December 16, 2022	$0.16	$0.32
March 1, 2023	March 13, 2023	March 31, 2023	$0.08	$0.32
May 18, 2023	June 9, 2023	June 30, 2023	$0.08	$0.32
August 18, 2023	September 8, 2023	September 29, 2023	$0.08	$0.32
November 10, 2023	November 29, 2023	December 18, 2023	$0.08	$0.32
1 Effective with the cash dividend declared on March 1, 2023 (paid on March 31, 2023), the Company moved from semi-annual cash dividends to quarterly cash dividends.
2 Reflects three-for-two stock split effective August 16, 2023.