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Quarterly report pursuant to Section 13 or 15(d)

Changes in Equity

v3.23.3
Changes in Equity
 9 Months Ended
Sep. 30, 2023
Equity [Abstract] Ìý
Changes in Equity Changes in Equity
The following tables present changes in our equity for the nine months ended SeptemberÌý30, 2023 and 2022 (in thousands, except shares and per share amounts):
Common Stock Treasury Stock Additional Paid-in Capital Accum.
Other
Comp.
Income (Loss)		 Retained Earnings Total
Equity
Shares Amount Shares Amount
For the nine months ended September 30, 2023:
Balances as of December 31, 2022
 7,695,679Ìý $ 78Ìý 60,477Ìý $ (104,139) $ 8,293Ìý $ 2,516Ìý $ 866,139Ìý $ 772,887Ìý
Net income —Ìý —Ìý —Ìý —Ìý —Ìý —Ìý 86,568Ìý 86,568Ìý
Dividends paid — $3.25 per share of common stock
 —Ìý —Ìý —Ìý —Ìý —Ìý —Ìý (25,061) (25,061)
Share-based compensation, net of forfeitures 1,756Ìý —Ìý (1,756) 3,033Ìý (560) —Ìý (103) 2,370Ìý
Repurchases of common stock, including excise taxes of $67
 (3,627) —Ìý 3,627Ìý (6,749) —Ìý —Ìý —Ìý (6,749)
Shares exchanged for tax withholdings (488) —Ìý 488Ìý (939) —Ìý —Ìý —Ìý (939)
Periodic pension costs, net of income taxes of $6
 —Ìý —Ìý —Ìý —Ìý —Ìý (25) —Ìý (25)
Balances as of March 31, 2023
 7,693,320Ìý 78Ìý 62,836Ìý (108,794) 7,733Ìý 2,491Ìý 927,543Ìý 829,051Ìý
Net income —Ìý —Ìý —Ìý —Ìý —Ìý —Ìý 100,393Ìý 100,393Ìý
Dividends paid — $3.25 per share of common stock
 —Ìý —Ìý —Ìý —Ìý —Ìý —Ìý (24,966) (24,966)
Share-based compensation, net of forfeitures —Ìý —Ìý —Ìý —Ìý 2,849Ìý —Ìý (43) 2,806Ìý
Repurchases of common stock, including excise taxes of $165
 (14,175) —Ìý 14,175Ìý (19,708) —Ìý —Ìý —Ìý (19,708)
Periodic pension costs, net of income taxes of $8
 —Ìý —Ìý —Ìý —Ìý —Ìý (26) —Ìý (26)
Balances as of June 30, 2023
 7,679,145Ìý 78Ìý 77,011Ìý (128,502) 10,582Ìý 2,465Ìý 1,002,927Ìý 887,550Ìý
Net income —Ìý —Ìý —Ìý —Ìý —Ìý —Ìý 105,574Ìý 105,574Ìý
Dividends paid — $3.25 per share of common stock
 —Ìý —Ìý —Ìý —Ìý —Ìý —Ìý (24,952) (24,952)
Share-based compensation, net of forfeitures 594Ìý —Ìý (594) 990Ìý 1,800Ìý —Ìý (38) 2,752Ìý
Repurchases of common stock, including excise taxes of $50
 (3,564) —Ìý 3,564Ìý (5,995) —Ìý —Ìý —Ìý (5,995)
Shares exchanged for tax withholdings (181) —Ìý 181Ìý (345) —Ìý —Ìý —Ìý (345)
Periodic pension costs, net of income taxes of $7
 —Ìý —Ìý —Ìý —Ìý —Ìý (26) —Ìý (26)
Balances as of September 30, 2023
 7,675,994Ìý $ 78Ìý 80,162Ìý $ (133,852) $ 12,382Ìý $ 2,439Ìý $ 1,083,511Ìý $ 964,558Ìý
Common Stock Treasury Stock Additional Paid-in Capital Accum.
Other
Comp.
Income (Loss)		 Retained Earnings Total
Equity
Shares Amount Shares Amount
For the nine months ended September 30, 2022:
Balances as of December 31, 2021
 7,744,695Ìý $ 78Ìý 11,461Ìý $ (15,417) $ 28Ìý $ (1,007) $ 668,029Ìý $ 651,711Ìý
Net income —Ìý —Ìý —Ìý —Ìý —Ìý —Ìý 97,900Ìý 97,900Ìý
Dividends paid — $3.00 per share of common stock
 —Ìý —Ìý —Ìý —Ìý —Ìý —Ìý (23,224) (23,224)
Share-based compensation, net of forfeitures 595Ìý —Ìý (595) 800Ìý 1,477Ìý —Ìý (796) 1,481Ìý
Periodic pension costs, net of income taxes of $2
 —Ìý —Ìý —Ìý —Ìý —Ìý 8Ìý —Ìý 8Ìý
Balances as of March 31, 2022
 7,745,290Ìý 78Ìý 10,866Ìý (14,617) 1,505Ìý (999) 741,909Ìý 727,876Ìý
Net income —Ìý —Ìý —Ìý —Ìý —Ìý —Ìý 118,894Ìý 118,894Ìý
Dividends paid — $3.00 per share of common stock
 —Ìý —Ìý —Ìý —Ìý —Ìý —Ìý (23,188) (23,188)
Special dividends paid — $20.00 per share of common stock
 —Ìý —Ìý —Ìý —Ìý —Ìý —Ìý (154,586) (154,586)
Share-based compensation, net of forfeitures 104Ìý —Ìý (104) 140Ìý 1,851Ìý —Ìý (180) 1,811Ìý
Repurchases of common stock (17,478) —Ìý 17,478Ìý (25,534) —Ìý —Ìý —Ìý (25,534)
Periodic pension costs, net of income taxes of $2
 —Ìý —Ìý —Ìý —Ìý —Ìý 8Ìý —Ìý 8Ìý
Balances as of June 30, 2022
 7,727,916Ìý 78Ìý 28,240Ìý (40,011) 3,356Ìý (991) 682,849Ìý 645,281Ìý
Net income —Ìý —Ìý —Ìý —Ìý —Ìý —Ìý 129,837Ìý 129,837Ìý
Dividends paid — $3.00 per share of common stock
 —Ìý —Ìý —Ìý —Ìý —Ìý —Ìý (23,132) (23,132)
Share-based compensation, net of forfeitures —Ìý —Ìý —Ìý —Ìý 2,121Ìý —Ìý (30) 2,091Ìý
Repurchases of common stock (19,071) —Ìý 19,071Ìý (32,915) —Ìý —Ìý —Ìý (32,915)
Periodic pension costs, net of income taxes of $3
 —Ìý —Ìý —Ìý —Ìý —Ìý 8Ìý —Ìý 8Ìý
Balances as of September 30, 2022
 7,708,845Ìý $ 78Ìý 47,311Ìý $ (72,926) $ 5,477Ìý $ (983) $ 789,524Ìý $ 721,170Ìý
Stock Repurchase Program

On NovemberÌý1, 2022, our board of directors approved a stock repurchase program, which became effective January 1, 2023, to purchase up to an aggregate of $250 million of our outstanding Common Stock.

The Company intends to purchase stock under the repurchase program opportunistically with funds generated by cash from operations. This repurchase program may be suspended from time to time, modified, extended or discontinued by the board of directors at any time. Purchases under the stock repurchase program may be made through a combination of open market repurchases in compliance with Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended, privately negotiated transactions, and/or other transactions at the Company’s discretion, including under a Rule 10b5-1 trading plan implemented by the Company, and will be subject to market conditions, applicable legal requirements and other factors.