CAPITAL STOCK

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

CAPITAL STOCK

CAPITAL STOCK

CAPITAL STOCK

At December 31, 2025, our authorized capital stock consists of 400,000,000 shares of common stock, par value $0.01 per share, and 10,000,000 shares of preferred stock, par value of $0.01 per share.

TREASURY STOCK

On March 4, 2022, our Board of Directors authorized the repurchase by us of up to an aggregate of $300.0 million of our common stock by various means from time to time through and including December 31, 2026. In 2025, we repurchased a total of 1,551,209 shares of our common stock at an average price per share of $43.84, for a total purchase price of $68.0 million pursuant to this authorization until the date this authorization was replaced by a new authorization. We did not repurchase any of our shares of common stock in 2024. In 2023, we repurchased a total of 3,893,098 shares of our common stock at an average price per share of $44.86, for a total purchase price of $174.6 million pursuant to this authorization.

On November 5, 2025, our Board of Directors authorized the repurchase by us of up to an aggregate of $500.0 million of our common stock by various means from time to time through and including December 31, 2029. This new authorization replaced the prior authorization which had $25.3 million remaining for the repurchase of our common stock. Pursuant to this new authorization, we did not repurchase any of our shares of common stock in the fourth quarter of 2025. Accordingly, at December 31, 2025, we had approximately $500.0 million remaining for the repurchase of our common stock under this new authorization.

In 2025, 2024 and 2023, we issued 325,808 treasury shares, 470,788 treasury shares and 490,242 treasury shares, respectively, at an average cost of $3.20 per share, $3.19 per share and $3.19 per share, respectively, for restricted stock units that vested during these years. In 2025, 2024 and 2023, we repurchased 127,278 shares, 176,093 shares and 176,196 shares of our common stock, respectively, at an average cost of $54.00 per share, $43.92 per share and $52.62 per share, respectively, in accordance with our stock-based compensation plans to satisfy employee withholding tax requirements resulting from certain restricted stock units becoming vested.

We account for treasury shares using the FIFO cost method. As of December 31, 2025, 69,670,525 shares of our common stock were held in treasury.