Quarterly report pursuant to Section 13 or 15(d)

Changes in Equity

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Changes in Equity
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
Changes in Equity Changes in Equity
The following tables present changes in our equity for the three months ended March 31, 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 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 
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, 2023:
Balances as of December 31, 2022
 23,087,037  $ 78  $ (104,139) $ 8,293  $ 2,516  $ 866,139  $ 772,887 
Net income —  —  —  —  —  86,568  86,568 
Dividends paid — $1.08 per share of common stock
 —  —  —  —  —  (25,061) (25,061)
Share-based compensation, net of forfeitures 5,268  —  3,033  (560) —  (103) 2,370 
Repurchases of common stock and related excise taxes (10,881) —  (6,749) —  —  —  (6,749)
Shares exchanged for tax withholdings (1,464) —  (939) —  —  —  (939)
Periodic pension costs, net of income taxes of $6
 —  —  —  —  (25) —  (25)
Balances as of March 31, 2023
 23,079,960  $ 78  $ (108,794) $ 7,733  $ 2,491  $ 927,543  $ 829,051 
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.”

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 million of our outstanding Common Stock.

The Company repurchases stock under the stock repurchase program opportunistically 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 will be subject to market conditions, applicable legal requirements and other factors.
For the three months ended March 31, 2024 and 2023, we repurchased shares of our Common Stock in amounts totaling $10.3 million and $6.7 million, respectively.