COMMON STOCK REPURCHASES AND CASH DIVIDENDS

12 Months Ended

Dec. 31, 2024

COMMON STOCK REPURCHASES AND CASH DIVIDENDS

COMMON STOCK REPURCHASES AND CASH DIVIDENDS

9. COMMON STOCK REPURCHASES AND CASH DIVIDENDS:

Common Stock Repurchases

From time to time the Company’s board of directors has authorized the use of funds to repurchase shares of the Company’s common stock. In 2022, the Company’s board of directors authorized the use of $325.0 million for the repurchase of the Company’s common stock. This amount was in addition to $67.3 million remaining and available at the beginning of 2022 for repurchases to be executed according to pre-defined price/volume guidelines. As of December 31, 2023, the Company had $26.0 million available for future stock repurchases which was used for repurchases during 2024. In October 2024, the Company’s board of directors authorized the use of an additional $50.0 million for the repurchase of the Company’s common stock, with repurchases to be executed according to pre-defined price/volume guidelines.

In 2024, 2023 and 2022, the Company purchased approximately 0.4 million shares, 0.8 million shares and 3.8 million shares, respectively, for approximately $27.9 million, $55.3 million and $311.1 million, respectively. As of December 31, 2024, the Company had $48.1 million available for future stock repurchases. There is no expiration date on the plan or amount currently authorized.

Authorization of future stock repurchase programs is at the discretion of the Company’s board of directors and will depend on the Company’s financial condition, results of operations, capital requirements and business conditions and other factors.

Common Stock Dividend

The following table presents the quarterly dividends declared per share of the Company’s common stock for the periods indicated:

	Year Ended December 31,
	2024		2023		2022
First Quarter	$	0.20	$	0.19	$	0.18
Second Quarter	$	0.20	$	0.19	$	0.18
Third Quarter	$	0.20	$	0.19	$	0.18
Fourth Quarter	$	0.21	$	0.20	$	0.18

The Company paid approximately $46.0 million, $44.0 million and $41.5 million in cash dividends during 2024, 2023 and 2022, respectively.

In October 2021, the Company’s board of directors declared dividends of $0.15 per share to be paid to be paid to stockholders of record at the end of each quarter in 2022.

In January 2022, the Company’s board of directors raised the quarterly cash dividend by an additional $0.03 per share with the declaration of four cash dividends of $0.18 per share (in lieu of the $0.15 per share announced in October 2021) to be paid to stockholders of record at the end of each quarter in 2022.

In February 2023, the Company’s board of directors declared dividends of $0.19 per share to be paid to stockholders of record at the end of each quarter in 2023. In October 2023, the Company’s board of directors raised the cash dividend with the declaration of four cash dividends of $0.20 per share to be paid to stockholders of record at the end of the fourth quarter in 2023 (in lieu of the $0.19 per share announced in February 2023) and at the end of each quarter in 2024.

In October 2024, the Company’s board of directors raised the cash dividend with the declaration of five cash dividends of $0.21 per share to be paid to stockholders of record at the end of the fourth quarter in 2024 (in lieu of the $0.20 per share announced in October 2023) and at the end of each quarter in 2025.