Capital Stock (Tables)

6 Months Ended

Jun. 30, 2025

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


Common stock outstanding


	Three Months Ended June 30,						Six Months Ended June 30,
(In thousands)	2025			2024			2025			2024
Common stock outstanding at beginning of period		141,220			151,509			147,569			153,179
Shares repurchased under share repurchase programs		(6,957	)		(1,574	)		(13,417	)		(3,344	)
Issuance of common stock under incentive and benefit plans, net of shares withheld for employee taxes		1,132			1,213			1,243			1,313
Common stock outstanding at end of period		135,395			151,148			135,395			151,148

Schedule of Dividends Declared and Paid

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		0.255		0.245
September 30	N/A			0.245
December 31	N/A			0.245
Total annual dividends per share declared and paid	$	0.510	$	0.980

Schedule of Roll forward of RSUs

Information with regard to RSUs to be settled in stock for the period indicated is as follows.


Rollforward of RSUs


	Performance-Based		Time-Vested

	Number of Shares	Weighted Average Grant Date Fair Value	Number of Shares	Weighted Average Grant Date Fair Value

Outstanding, December 31, 2024 (1)	2,639,190	$22.57	1,589,396	$20.75
Granted (2)	492,170	30.96	387,072	33.17
Performance adjustment (3)	549,540	—	—	—
Vested (4)	(1,158,485)	20.19	(604,393)	21.95
Forfeited	(11,216)	29.34	(7,747)	26.88
Outstanding, June 30, 2025 (1)	2,511,199	$24.61	1,364,328	$23.71

(1)

Outstanding RSUs represent shares that have not yet been issued because not all conditions necessary to earn the right to benefit from the instruments have been satisfied. For performance-based awards, the final number of RSUs distributed depends on: (i) the cumulative growth in Radian’s book value per share adjusted for certain defined items over the respective three-year performance period and, for the performance-based RSUs granted starting in 2023, a modifier based on a comparison of our total shareholder return to the total shareholder return of certain of our peers and (ii) with the exception of certain retirement-eligible employees, continued service through the vesting date, which could result in changes to the number of vested RSUs.

(2)

For performance-based RSUs, amount represents the number of target shares at grant date.

(3)

For performance-based RSUs, amount represents the difference between the number of shares vested at settlement, which can range from 0 to 200% of target depending on results over the applicable performance periods, and the number of target shares at the grant date.

(4)

For both performance-based and time-based RSUs, amount represents the number of shares vested during the period, including the impact of performance adjustments for performance-based awards.