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Quarterly report pursuant to Section 13 or 15(d)

Changes in Equity

v3.24.3
Changes in Equity
 9 Months Ended
Sep. 30, 2024
Equity [Abstract] Ìý
Changes in Equity Changes in Equity
The following tables present changes in our equity for the nine months ended SeptemberÌý30, 2024 and 2023 (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
For the nine months ended September 30, 2024:
Balances as of December 31, 2023
 23,007,681Ìý $ 78Ìý $ (144,998) $ 14,613Ìý $ 1,831Ìý $ 1,171,672Ìý $ 1,043,196Ìý
Net income —Ìý —Ìý —Ìý —Ìý —Ìý 114,417Ìý 114,417Ìý
Issuance of common stock related to stock split —Ìý 153Ìý —Ìý (153) —Ìý —Ìý —Ìý
Dividends paid — $1.17 per share of common stock
 —Ìý —Ìý —Ìý —Ìý —Ìý (26,907) (26,907)
Share-based compensation, net of forfeitures 8,373Ìý —Ìý 4,698Ìý (1,297) —Ìý 15Ìý 3,416Ìý
Repurchases of common stock and related excise taxes (20,106) —Ìý (10,445) —Ìý —Ìý —Ìý (10,445)
Shares exchanged for tax withholdings (2,469) —Ìý (1,207) —Ìý —Ìý —Ìý (1,207)
Periodic pension costs, net of income taxes of $6
 —Ìý —Ìý —Ìý —Ìý (21) —Ìý (21)
Balances as of March 31, 2024
 22,993,479Ìý 231Ìý (151,952) 13,163Ìý 1,810Ìý 1,259,197Ìý 1,122,449Ìý
Net income —Ìý —Ìý —Ìý —Ìý —Ìý 114,589Ìý 114,589Ìý
Dividends paid — $1.17 per share of common stock
 —Ìý —Ìý —Ìý —Ìý —Ìý (26,894) (26,894)
Share-based compensation, net of forfeitures —Ìý —Ìý —Ìý 2,700Ìý —Ìý (58) 2,642Ìý
Repurchases of common stock and related excise taxes (10,087) —Ìý (6,344) —Ìý —Ìý —Ìý (6,344)
Periodic pension costs, net of income taxes of $5
 —Ìý —Ìý —Ìý —Ìý (21) —Ìý (21)
Balances as of June 30, 2024
 22,983,392Ìý 231Ìý (158,296) 15,863Ìý 1,789Ìý 1,346,834Ìý 1,206,421Ìý
Net income —Ìý —Ìý —Ìý —Ìý —Ìý 106,594Ìý 106,594Ìý
Dividends paid — $1.17 per share of common stock
 —Ìý —Ìý —Ìý —Ìý —Ìý (26,915) (26,915)
Special dividends paid — $10.00 per share of common stock
 —Ìý —Ìý —Ìý —Ìý —Ìý (229,834) (229,834)
Share-based compensation, net of forfeitures 1,599Ìý —Ìý 2,430Ìý 528Ìý —Ìý (521) 2,437Ìý
Repurchases of common stock and related excise taxes (7,387) —Ìý (6,134) —Ìý —Ìý —Ìý (6,134)
Shares exchanged for tax withholdings (479) —Ìý (416) —Ìý —Ìý —Ìý (416)
Periodic pension costs, net of income taxes of $6
 —Ìý —Ìý —Ìý —Ìý (21) —Ìý (21)
Balances as of September 30, 2024
 22,977,125Ìý $ 231Ìý $ (162,416) $ 16,391Ìý $ 1,768Ìý $ 1,196,158Ìý $ 1,052,132Ìý
Common Stock Treasury Stock Additional Paid-in Capital Accum.
Other
Comp.
Income (Loss)		 Retained Earnings Total
Equity
Shares Amount
For the nine months ended September 30, 2023:
Balances as of December 31, 2022
 23,087,037Ìý $ 78Ìý $ (104,139) $ 8,293Ìý $ 2,516Ìý $ 866,139Ìý $ 772,887Ìý
Net income —Ìý —Ìý —Ìý —Ìý —Ìý 86,568Ìý 86,568Ìý
Dividends paid — $1.08 per share of common stock
 —Ìý —Ìý —Ìý —Ìý —Ìý (25,061) (25,061)
Share-based compensation, net of forfeitures 5,268Ìý —Ìý 3,033Ìý (560) —Ìý (103) 2,370Ìý
Repurchases of common stock and related excise taxes (10,881) —Ìý (6,749) —Ìý —Ìý —Ìý (6,749)
Shares exchanged for tax withholdings (1,464) —Ìý (939) —Ìý —Ìý —Ìý (939)
Periodic pension costs, net of income taxes of $6
 —Ìý —Ìý —Ìý —Ìý (25) —Ìý (25)
Balances as of March 31, 2023
 23,079,960Ìý 78Ìý (108,794) 7,733Ìý 2,491Ìý 927,543Ìý 829,051Ìý
Net income —Ìý —Ìý —Ìý —Ìý —Ìý 100,393Ìý 100,393Ìý
Dividends paid — $1.08 per share of common stock
 —Ìý —Ìý —Ìý —Ìý —Ìý (24,966) (24,966)
Share-based compensation, net of forfeitures —Ìý —Ìý —Ìý 2,849Ìý —Ìý (43) 2,806Ìý
Repurchases of common stock and related excise taxes (42,525) —Ìý (19,708) —Ìý —Ìý —Ìý (19,708)
Periodic pension costs, net of income taxes of $8
 —Ìý —Ìý —Ìý —Ìý (26) —Ìý (26)
Balances as of June 30, 2023
 23,037,435Ìý 78Ìý (128,502) 10,582Ìý 2,465Ìý 1,002,927Ìý 887,550Ìý
Net income —Ìý —Ìý —Ìý —Ìý —Ìý 105,574Ìý 105,574Ìý
Dividends paid — $1.08 per share of common stock
 —Ìý —Ìý —Ìý —Ìý —Ìý (24,952) (24,952)
Share-based compensation, net of forfeitures 1,782Ìý —Ìý 990Ìý 1,800Ìý —Ìý (38) 2,752Ìý
Repurchases of common stock and related excise taxes (10,692) —Ìý (5,995) —Ìý —Ìý —Ìý (5,995)
Shares exchanged for tax withholdings (543) —Ìý (345) —Ìý —Ìý —Ìý (345)
Periodic pension costs, net of income taxes of $7
 —Ìý —Ìý —Ìý —Ìý (26) —Ìý (26)
Balances as of September 30, 2023
 23,027,982Ìý $ 78Ìý $ (133,852) $ 12,382Ìý $ 2,439Ìý $ 1,083,511Ìý $ 964,558Ìý
Increase in Authorized Shares of Common Stock

On March 1, 2024, the Company increased its authorized shares of capital stock to 47,536,936, consisting of 1,000,000 shares of Preferred Stock and 46,536,936 shares of Common Stock. For further information see Note 1, “Organization and Description of Business Segments.â€

Stock Repurchase Program

On NovemberÌý1, 2022, our Board approved a stock repurchase program, which became effective January 1, 2023, to purchase up to an aggregate of $250.0 million of our outstanding Common Stock.

The Company opportunistically repurchases stock under the stock repurchase program with funds generated by cash from operations. This stock repurchase program may be suspended from time to time, modified, extended or discontinued by the Board 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 are subject to market conditions, applicable legal requirements and other factors.
For the nine months ended SeptemberÌý30, 2024 and 2023, we repurchased shares of our Common Stock in amounts totaling $22.7 million and $32.2 million, respectively.