Quarterly report [Sections 13 or 15(d)]

Changes in Equity

v3.25.1
Changes in Equity
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Changes in Equity Changes in Equity
The following tables present changes in our equity for the three months ended March 31, 2025 and 2024 (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 three months ended March 31, 2025:
Balances as of December 31, 2024
 22,971,803  $ 231  $ (168,843) $ 19,900  $ 3,583  $ 1,277,594  $ 1,132,465 
Net income —  —  —  —  —  120,652  120,652 
Dividends paid — $1.60 per share of common stock
 —  —  —  —  —  (37,434) (37,434)
Share-based compensation, net of forfeitures 25,890  —  38,253  (17,778) —  (15,602) 4,873 
Shares exchanged for tax withholdings (10,448) —  (14,260) —  —  —  (14,260)
Periodic pension costs, net of income taxes of $11
 —  —  —  —  (39) —  (39)
Balances as of March 31, 2025
 22,987,245  $ 231  $ (144,850) $ 2,122  $ 3,544  $ 1,345,210  $ 1,206,257 
Common Stock Treasury Stock Additional Paid-in Capital Accum.
Other
Comp.
Income (Loss)		 Retained Earnings Total
Equity
Shares Amount
For the three months ended March 31, 2024:
Balances as of December 31, 2023
 23,007,681  $ 78  $ (144,998) $ 14,613  $ 1,831  $ 1,171,672  $ 1,043,196 
Net income —  —  —  —  —  114,417  114,417 
Issuance of common stock related to stock split —  153  —  (153) —  —  — 
Dividends paid — $1.17 per share of common stock
 —  —  —  —  —  (26,907) (26,907)
Share-based compensation, net of forfeitures 8,373  —  4,698  (1,297) —  15  3,416 
Repurchases of common stock and related excise taxes (20,106) —  (10,445) —  —  —  (10,445)
Shares exchanged for tax withholdings (2,469) —  (1,207) —  —  —  (1,207)
Periodic pension costs, net of income taxes of $6
 —  —  —  —  (21) —  (21)
Balances as of March 31, 2024
 22,993,479  $ 231  $ (151,952) $ 13,163  $ 1,810  $ 1,259,197  $ 1,122,449 
Stock Repurchase Program

On November 1, 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. The stock repurchase program may be suspended from time to time, modified, extended or discontinued by the board of directors (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. As of March 31, 2025, the remaining dollars authorized under the approved stock repurchase program was $178.5 million.

We did not repurchase any shares of our Common Stock during the three months ended March 31, 2025. For the three months ended March 31, 2024, we repurchased $10.3 million shares of our Common Stock.