Capital Stock

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Capital Stock

14. Capital Stock

Shares of Common Stock

The following table shows the changes in common stock outstanding for each of the periods as indicated.

Common stock outstanding
	Three Months Ended March 31,
(In thousands)	2025			2024
Common stock outstanding at beginning of period		147,569			153,179
Shares repurchased under share repurchase programs		(6,460	)		(1,770	)
Issuance of common stock under incentive and benefit plans, net of shares withheld for employee taxes		111			100
Common stock outstanding at end of period		141,220			151,509

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.

Under its current approved repurchase program, the Company has the authorization to repurchase shares up to $900 million, excluding commissions. The authorization will expire in June 2026. Radian has implemented a trading plan for this share repurchase program under Rule 10b5-1 of the Exchange Act.

During the three months ended March 31, 2025, the Company purchased 6.5 million shares at an average price of $32.07 per share, including commissions, pursuant to the share repurchase program. As of March 31, 2025, purchase authority of up to $336 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, 2022. 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.

Dividends and Dividend Equivalents

In February 2025, Radian Group’s board of directors authorized an increase in the Company’s quarterly dividend from $0.245 to $0.255 per share, beginning with the dividend declared and paid in the first quarter of 2025.

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
	2025		2024
Quarter ended
March 31	$	0.255	$	0.245
June 30	N/A			0.245
September 30	N/A			0.245
December 31	N/A			0.245
Total annual dividends per share declared and paid	$	0.255	$	0.980

N/A – Not applicable

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 of Notes to Consolidated Financial Statements in our 2024 Form 10-K for information about our dividend equivalents on RSU awards.

Share-Based and Other Compensation Programs

In the three months ended March 31, 2025, we did not grant any material amounts of performance-based or time-based awards in the form of non-qualified stock options, restricted stock, restricted stock units, phantom stock or stock appreciation rights. See Note 17 of Notes to Consolidated Financial Statements in our 2024 Form 10-K for additional information regarding the Company’s share-based and other compensation programs.