Stockholders' Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Stock Repurchase Program

On June 2, 2016, our Board of Directors authorized a stock repurchase program (the “Repurchase Program”), which was most recently increased by $500.0 million to an aggregate authorization of $2.2 billion on October 21, 2025. No time limit has been established for the completion of the Repurchase Program, and the Repurchase Program may be suspended, discontinued or replaced by the Board of Directors at any time without prior notice. As of December 31, 2025, we had $491.8 million available under the Repurchase Program to repurchase additional shares of our common stock.

The following table details our stock repurchases under the Repurchase Program:

	Year Ended December 31,
	2025		2024		2023
Shares of common stock repurchased and retired	5,265		52		112
Average price paid per share (1)	$	163.07	$	197.53	$	158.70
Total cost (1)	$	858,575	$	10,216	$	17,797

(1)    Excludes excise tax of $8.0 million and commissions incurred during the year ended December 31, 2025.

As we repurchase our common shares, we reduce stated capital on our Consolidated Balance Sheets for the $0.01 of par value of the shares repurchased, with the excess purchase price over par value recorded as a reduction to additional paid-in capital. If additional paid-in capital is reduced to zero, we record the remainder of the excess purchase price over par value as a reduction of retained earnings.

Common Stock Outstanding

Common stock outstanding was approximately 30.9 million shares and 35.9 million shares as of December 31, 2025 and 2024, respectively. Common stock outstanding includes unvested restricted stock awards, which are considered issued and outstanding under the terms of the restricted stock award agreements. The decrease in common stock outstanding was primarily due to stock repurchases under the Repurchase Program during the year ended December 31, 2025.