Capital Stock

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Capital Stock

Capital Stock

Shares of Common Stock

The following table shows the changes in common stock outstanding for 2022, 2021 and 2020.

Common stock outstanding
	Years Ended December 31,
(In thousands)	2022	2021	2020
Balance at beginning of year	175,421	191,606	201,164
Shares repurchased under share repurchase programs	(19,506)	(17,752)	(11,036)
Issuance of common stock under incentive and benefit plans, net of shares withheld for employee taxes	1,141	1,567	1,478
Balance at end of year	157,056	175,421	191,606

Share Repurchase Activity

From time to time, Radian Group’s board of directors approves share repurchase programs authorizing the Company to repurchase Radian Group common stock in the open market or in privately negotiated transactions, based on market and business conditions, stock price and other factors. Radian generally operates its share repurchase programs pursuant to a trading plan under Rule 10b5-1 of the Exchange Act, which permits the Company to purchase shares, at predetermined price targets, when it may otherwise be precluded from doing so.

In February 2022, Radian Group’s board of directors approved a share repurchase program authorizing the Company to spend up to $400 million, excluding commissions, to repurchase Radian Group common stock in the open market or in privately negotiated transactions, based on market and business conditions, stock price and other factors. The authorization was originally set to expire in February 2024. During the year ended December 31, 2022, the Company purchased 19.5 million shares at an average price of $20.52 per share, including commissions, completing this repurchase program. As of December 31, 2022, no purchase authority remained available under this share repurchase program.

In January 2023, Radian Group’s board of directors approved a share repurchase program authorizing the Company to spend up to $300 million, excluding commissions, to repurchase Radian Group common stock in the open market or in privately negotiated transactions, based on market and business conditions, stock price and other factors. Radian plans to utilize a trading plan under Rule 10b5-1 of the Exchange Act, which, once implemented, permits the Company to purchase shares, at predetermined price targets, when it may otherwise be precluded from doing so. The authorization will expire in January 2025.

Other Purchases

We may purchase shares on the open market to settle stock options exercised by employees. In addition, upon the vesting of certain RSUs under our equity compensation plans, we may withhold from such vested awards shares of our common stock to satisfy the tax liability of the award recipients.

Dividends and Dividend Equivalents

We declared quarterly cash dividends on our common stock equal to $0.125 per share during each quarter of 2020 and the first quarter of 2021 and declared quarterly cash dividends on our common stock equal to $0.14 per share for the remaining quarters of 2021. In February 2022, Radian Group’s board of directors authorized an increase to the Company’s quarterly dividend from $0.14 to $0.20 per share, beginning with the dividend declared in the first quarter of 2022. In February 2023, Radian Group’s board of directors authorized an increase in the Company’s quarterly dividend from $0.20 to $0.225 per share for the first quarter of 2023.

Dividend equivalents are accrued on RSUs when dividends are declared on the Company’s common stock, subject to certain exclusions. See Note 17 for information about our dividend equivalents on RSU awards.