Equity (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Schedule of Dividends

The table below presents the dividends paid during the Current Period and Prior Period:

	Base		Variable		Rate Per Share		Total
2023:
First Quarter	$	0.55	$	0.74	$	1.29	$	175
Second Quarter	$	0.55	$	0.63	$	1.18	$	160
Third Quarter	$	0.575	$	—	$	0.575	$	77
2022:
First Quarter	$	0.4375	$	1.33	$	1.7675	$	210
Second Quarter	$	0.50	$	1.84	$	2.34	$	298
Third Quarter	$	0.55	$	1.77	$	2.32	$	280

Schedule of Share Repurchase Program

The table below presents the shares purchased under our share repurchase program:

	Shares Purchased (thousands)	Dollar Value of Shares Purchased		Average Price Per Share
2022
First Quarter	1,000	$	83	$	82.98
Second Quarter	5,812	$	515	$	88.67
Third Quarter	750	$	69	$	92.14
Fourth Quarter	4,105	$	406	$	98.90
2023
First Quarter	793	$	60	$	74.95
Second Quarter(a)	1,444	$	115	$	78.77
Third Quarter(b)	1,509	$	130	$	86.16
Total to date	15,413	$	1,378

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(a)On May 26, 2023, we entered into an accelerated share repurchase (“ASR”) agreement to repurchase $50 million of shares of our common stock. Under the terms of the ASR agreement, we received an initial delivery of 515,265 shares representing approximately 80% of the expected total to be repurchased. Upon final settlement of the ASR agreement on July 31, 2023, we received an additional 108,556 shares of common stock.

(b)On September 15, 2023, we entered into an ASR agreement to repurchase $50 million of shares of our common stock. Under the terms of the ASR agreement, we received an initial delivery of 468,055 shares representing approximately 80% of the expected total to be repurchased. Upon final settlement of the ASR agreement on October 26, 2023, we received an additional 116,250 shares of common stock.

Schedule of Warrants

Warrants

	Class A Warrants	Class B Warrants	Class C Warrants(a)
Outstanding as of December 31, 2022	4,495,004	4,404,564	4,006,229
Converted into common stock(b)	(3,000)	(1,000)	(170)
Outstanding as of March 31, 2023	4,492,004	4,403,564	4,006,059
Converted into common stock(b)	—	(500)	(467)
Outstanding as of June 30, 2023	4,492,004	4,403,064	4,005,592
Converted into common stock(b)	—	—	(2,575)
Outstanding as of September 30, 2023	4,492,004	4,403,064	4,003,017

_________________________________________

(a)As of September 30, 2023, we had 1,489,337 of reserved Class C Warrants.

(b)During the Current Period, we issued 7,341 shares of common stock as a result of Warrant exercises.