Quarterly report pursuant to Section 13 or 15(d)

Changes in Equity

v3.23.2
Changes in Equity
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Changes in Equity Changes in Equity
The following tables present changes in our equity for the six months ended June 30, 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 six months ended June 30, 2023:
Balances as of December 31, 2022
 7,695,679  $ 78  60,477  $ (104,139) $ 8,293  $ 2,516  $ 866,139  $ 772,887 
Net income —  —  —  —  —  —  86,568  86,568 
Dividends paid — $3.25 per share of common stock
 —  —  —  —  —  —  (25,061) (25,061)
Share-based compensation, net of forfeitures 1,756  —  (1,756) 3,033  (560) —  (103) 2,370 
Repurchases of common stock, including excise taxes of $67
 (3,627) —  3,627  (6,749) —  —  —  (6,749)
Shares exchanged for tax withholdings (488) —  488  (939) —  —  —  (939)
Periodic pension costs, net of income taxes of $6
 —  —  —  —  —  (25) —  (25)
Balances as of March 31, 2023
 7,693,320  $ 78  62,836  $ (108,794) $ 7,733  $ 2,491  $ 927,543  $ 829,051 
Net income —  —  —  —  —  —  100,393  100,393 
Dividends paid — $3.25 per share of common stock
 —  —  —  —  —  —  (24,966) (24,966)
Share-based compensation, net of forfeitures —  —  —  —  2,849  —  (43) 2,806 
Repurchases of common stock, including excise taxes of $165
 (14,175) —  14,175  (19,708) —  —  —  (19,708)
Periodic pension costs, net of income taxes of $8
 —  —  —  —  —  (26) —  (26)
Balances as of June 30, 2023
 7,679,145  $ 78  77,011  $ (128,502) $ 10,582  $ 2,465  $ 1,002,927  $ 887,550 
Common Stock Treasury Stock Additional Paid-in Capital Accum.
Other
Comp.
Income (Loss)		 Retained Earnings Total
Equity
Shares Amount Shares Amount
For the six months ended June 30, 2022:
Balances as of December 31, 2021
 7,744,695  $ 78  11,461  $ (15,417) $ 28  $ (1,007) $ 668,029  $ 651,711 
Net income —  —  —  —  —  —  97,900  97,900 
Dividends paid — $3.00 per share of common stock
 —  —  —  —  —  —  (23,224) (23,224)
Share-based compensation, net of forfeitures 595  —  (595) 800  1,477  —  (796) 1,481 
Periodic pension costs, net of income taxes of $2
 —  —  —  —  —  8  —  8 
Balances as of March 31, 2022
 7,745,290  $ 78  10,866  $ (14,617) $ 1,505  $ (999) $ 741,909  $ 727,876 
Net income —  —  —  —  —  —  118,894  118,894 
Dividends paid — $3.00 per share of common stock
 —  —  —  —  —  —  (23,188) (23,188)
Special dividends paid — $20.00 per share of common stock
 —  —  —  —  —  —  (154,586) (154,586)
Share-based compensation, net of forfeitures 104  —  (104) 140  1,851  —  (180) 1,811 
Repurchases of common stock (17,478) —  17,478  (25,534) —  —  —  (25,534)
Periodic pension costs, net of income taxes of $2
 —  —  —  —  —  8  —  8 
Balances as of June 30, 2022
 7,727,916  $ 78  28,240  $ (40,011) $ 3,356  $ (991) $ 682,849  $ 645,281 
Stock Repurchase Program

On November 1, 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.