Equity

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Equity

9. Equity

Dividends

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

	Base		Variable		Rate Per Share		Total
2024:
First Quarter	$	0.575	$	—	$	0.575	$	77
Second Quarter	$	0.575	$	0.14	$	0.715	$	95
2023:
First Quarter	$	0.55	$	0.74	$	1.29	$	175
Second Quarter	$	0.55	$	0.63	$	1.18	$	160

On July 29, 2024, we declared a base quarterly dividend payable of $0.575 per share, which will be paid on September 5, 2024 to stockholders of record at the close of business on August 15, 2024.

Share Repurchases

We did not repurchase any shares during the Current Period, and during the Prior Period, we repurchased 2.2 million shares of common stock for an aggregate price of $175 million. The repurchased shares of common stock were retired and recorded as a reduction to common stock and retained earnings and were made pursuant to the share repurchase program that expired on December 31, 2023. All share repurchases made after January 1, 2023 are subject to a 1% excise tax on share repurchases, as enacted under the Inflation Reduction Act of 2022. We are able to net this 1% excise tax on share repurchases against the issuance of shares of our common stock. The impact of this 1% excise tax was immaterial during the Prior Period.

Warrants

	Class A Warrants	Class B Warrants	Class C Warrants(a)
Outstanding as of December 31, 2023	4,247,615	4,403,064	4,023,483
Converted into common stock(b)	—	—	(168)
Outstanding as of March 31, 2024	4,247,615	4,403,064	4,023,315
Converted into common stock(b)	—	(13,122)	(13,325)
Outstanding as of June 30, 2024	4,247,615	4,389,942	4,009,990

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(a)As of June 30, 2024, we had 1,466,502 of reserved Class C Warrants.

(b)During the Current Period, we issued 29,561 shares of common stock as a result of Warrant exercises.