The Company began declaring and paying quarterly dividends during the first quarter of 2018. The Company declared dividends per share of common stock of $0.165 in 2022, 2023 and the first and second quarters of 2024, and $0.17 in the third and fourth quarters of 2024. During 2024, 2023 and 2022, cash dividends paid totaled $23.9 million, $23.5 million and $23.2 million, respectively. In July 2024, the Board of Directors approved a quarterly dividend increase, raising the quarterly dividend from $0.165 to $0.17 per common share. On December 9, 2024, the Company announced that the Board of Directors declared a quarterly cash dividend of $0.17 per share of the Company’s common stock to shareholders of record as of December 31, 2024. The dividend of $6.1 million was paid on January 14, 2025.

The Board of Directors currently intends to continue paying quarterly dividends. However, the Company’s future dividend policy is subject to the Company’s compliance with applicable laws, and depends on, among other things, the Company’s results of operations, financial condition, level of indebtedness, capital requirements, contractual restrictions, restrictions in the Company’s debt agreements, and other factors that the Board of Directors may deem relevant. Dividend payments are not mandatory or guaranteed and no assurance is made that the Company will continue to pay a dividend in the future.

On March 6, 2018, the Board of Directors approved an expanded share repurchase authorization granting the Company authority to repurchase up to $250 million in common stock in addition to the $100 million previously approved on December 7, 2015. On October 26, 2018, the Board of Directors authorized the Company to repurchase up to $100 million in common stock. Subsequently, on February 19, 2020, the Board approved an additional share repurchase authorization, allowing the Company to buy back another $150 million in common stock.

Share purchases may be made in the open market, in privately negotiated transactions or block transactions, at the discretion of the Company’s management and as market conditions warrant. Purchases will be funded from available cash and may be commenced, suspended or discontinued at any time without prior notice. Shares repurchased under the program are retired.

During 2024, the Company repurchased 0.1 million shares for an aggregate of $5.1 million, at an average price of $40.27 per share. The Company did not repurchase shares in 2023. During 2022, the Company repurchased a total of 0.4 million common shares for an aggregate of $9.4 million at an average price of $24.96 per share. As of December 31, 2024, the Company had $149.5 million remaining under share its repurchase authorization.

Under the 2019 Plan, the Company, upon approval of the Compensation Committee of the Board of Directors, may grant stock options, restricted shares, restricted stock units (both time-based and performance-based) and certain other forms of equity awards, or any combination thereof, to any director, officer, employee or consultant (including any prospective director, officer, employee or consultant) of the Company. Stock options (which have not been awarded since 2015) are granted to employees with an exercise price equal to the market price of the Company’s common stock on the date of grant, generally vest over a three-year or four-year period from the date of grant and typically have a term of 10 years. Time-based restricted stock units granted prior to 2024 to employees generally vest over a four-year period from the date of grant and are generally subject to continued employment with the Company. Beginning in 2024, time-based restricted stock units granted to employees generally vest over a three-year period from the date of grant and are generally subject to continued employment with the Company. Performance-based restricted stock units generally vest over a three-year performance cycle, which includes the year of the grant, and are based upon the Company’s achievement of specified performance metrics. Awards under the 2019 Plan to non-employee directors have historically been in the form of restricted stock units, which vest annually, starting on the grant date. As of December 31, 2024, the Company had 1.8 million common shares available for issuance under the 2019 Plan.

The following table summarizes the activities related to the Company's stock options:


(in thousands, except per share data and years)	Number of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding as of December 31, 2021		132		$	20.06
Exercised		(53	)		17.16
Forfeited or expired		(22	)		22.36
Outstanding as of December 31, 2022		57		$	21.85
Exercised		(17	)		19.52
Forfeited or expired		(3	)		20.11
Outstanding as of December 31, 2023		37		$	23.07
Exercised		(34	)		23.07
Forfeited or expired		(2	)		22.99
Outstanding and exercisable as of December 31, 2024		1		$	23.14		0.1	$	9

The aggregate intrinsic value, as presented in the table above, is calculated before income taxes and is the difference between the exercise price of the underlying stock options and the Company’s closing stock price as of the last business day of 2024 for outstanding stock options that had exercise prices below the closing stock price.

The following table summarizes the activities related to the Company’s time-based restricted stock units:


(in thousands, except per share data)	Number of Units			Weighted- Average Grant Date Fair Value
Non-vested awards outstanding as of December 31, 2021		1,057		$	28.02
Granted		616			25.90
Vested		(407	)		28.08
Forfeited		(81	)		27.44
Non-vested awards outstanding as of December 31, 2022		1,185		$	26.93
Granted		724			24.13
Vested		(490	)		26.92
Forfeited		(173	)		25.91
Non-vested awards outstanding as of December 31, 2023		1,246		$	25.43
Granted		633			31.39
Vested		(499	)		25.72
Forfeited		(192	)		26.82
Non-vested awards outstanding as of December 31, 2024		1,188		$	28.30

The following table summarizes the activities related to the Company’s performance-based restricted stock units:


(in thousands, except per share data)	Number of Units			Weighted- Average Grant Date Fair Value
Non-vested awards outstanding as of December 31, 2021		542		$	28.06
Granted(1)		177			25.97
Forfeited		(174	)		27.29
Non-vested awards outstanding as of December 31, 2022		545		$	27.62
Granted(1)		244			25.30
Vested		(242	)		28.30
Forfeited		(105	)		26.98
Non-vested awards outstanding as of December 31, 2023		442		$	26.12
Granted(1)		214			30.78
Vested		(139	)		28.60
Forfeited		(103	)		26.57
Non-vested awards outstanding as of December 31, 2024		414		$	25.82

(1)

Represents target number of awards that can vest based on the achievement of the performance goals.