Capital Stock

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Capital Stock

14. Capital Stock

Shares of Common Stock

The following table shows the year-to-date changes in common stock outstanding for each of the periods indicated.

Common stock outstanding
	December 31,
(In thousands)	2024			2023			2022
Balance at beginning of period		153,179			157,056			175,421
Shares repurchased under share repurchase programs		(7,043	)		(5,264	)		(19,506	)
Issuance of common stock under incentive and benefit plans, net of shares withheld for employee taxes		1,433			1,387			1,141
Balance at end of period		147,569			153,179			157,056

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 provides for share repurchases at predetermined price targets and permits the Company to purchase shares when it may otherwise be precluded from doing so.

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. In May 2024, Radian Group’s board of directors approved an extension of this program to June 2026, as well as a $600 million increase in authorization for this program, bringing the total authorization to repurchase shares up to $900 million, excluding commissions. Radian has implemented a trading plan for this share repurchase program under Rule 10b5-1 of the Exchange Act.

During the year ended December 31, 2024, the Company purchased 7.0 million shares at an average price of $31.81 per share, including commissions, pursuant to the share repurchase program. As of December 31, 2024, purchase authority of up to $543 million remained available under this program.

The Inflation Reduction Act of 2022 imposed a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2023. All dollar amounts presented in this report related to our share repurchases and our share repurchase authorizations exclude such excise taxes, to the extent applicable, unless otherwise indicated.

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

In February 2025, Radian Group’s board of directors authorized an increase to our quarterly dividend from $0.245 to $0.255 per share.

The following table presents the amount of dividends declared and paid, on a per share basis, for each quarter and annual period as indicated.

Dividends declared and paid
	2024		2023		2022
Quarter ended
March 31	$	0.245	$	0.225	$	0.200
June 30		0.245		0.225		0.200
September 30		0.245		0.225		0.200
December 31		0.245		0.225		0.200
Total annual dividends per share declared and paid	$	0.980	$	0.900	$	0.800

Dividend equivalents are accrued on RSUs when dividends are declared on the Company’s common stock and are typically paid upon vesting of the shares. See Note 17 for information about our dividend equivalents on RSU awards.