Changes in Equity |
Changes in Equity The following tables present changes in our equity for the nine months ended September 30, 2024 and 2023 (in thousands, except shares and per share amounts):
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Common Stock |
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Treasury Stock |
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Additional Paid-in Capital |
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Accum. Other Comp. Income (Loss) |
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Retained Earnings |
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Total Equity |
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Shares |
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Amount |
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For the nine months ended September 30, 2024: |
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Balances as of December 31, 2023 |
23,007,681 |
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$ |
78 |
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$ |
(144,998) |
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$ |
14,613 |
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$ |
1,831 |
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$ |
1,171,672 |
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$ |
1,043,196 |
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Net income |
— |
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— |
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— |
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— |
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— |
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114,417 |
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114,417 |
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Issuance of common stock related to stock split |
— |
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153 |
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— |
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(153) |
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— |
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— |
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— |
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Dividends paid — $1.17 per share of common stock |
— |
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— |
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— |
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— |
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— |
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(26,907) |
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(26,907) |
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Share-based compensation, net of forfeitures |
8,373 |
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— |
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4,698 |
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(1,297) |
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— |
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15 |
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3,416 |
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Repurchases of common stock and related excise taxes |
(20,106) |
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— |
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(10,445) |
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— |
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— |
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— |
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(10,445) |
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Shares exchanged for tax withholdings |
(2,469) |
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— |
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(1,207) |
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— |
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— |
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— |
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(1,207) |
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Periodic pension costs, net of income taxes of $6 |
— |
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— |
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— |
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— |
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(21) |
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— |
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(21) |
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Balances as of March 31, 2024 |
22,993,479 |
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231 |
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(151,952) |
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13,163 |
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1,810 |
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1,259,197 |
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1,122,449 |
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Net income |
— |
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— |
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— |
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— |
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— |
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114,589 |
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114,589 |
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Dividends paid — $1.17 per share of common stock |
— |
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— |
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— |
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— |
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— |
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(26,894) |
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(26,894) |
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Share-based compensation, net of forfeitures |
— |
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— |
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— |
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2,700 |
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— |
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(58) |
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2,642 |
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Repurchases of common stock and related excise taxes |
(10,087) |
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— |
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(6,344) |
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— |
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— |
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— |
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(6,344) |
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Periodic pension costs, net of income taxes of $5 |
— |
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— |
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— |
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— |
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(21) |
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— |
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(21) |
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Balances as of June 30, 2024 |
22,983,392 |
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231 |
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(158,296) |
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15,863 |
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1,789 |
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1,346,834 |
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1,206,421 |
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Net income |
— |
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— |
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— |
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— |
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— |
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106,594 |
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106,594 |
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Dividends paid — $1.17 per share of common stock |
— |
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— |
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— |
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— |
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— |
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(26,915) |
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(26,915) |
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Special dividends paid — $10.00 per share of common stock |
— |
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— |
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— |
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— |
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— |
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(229,834) |
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(229,834) |
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Share-based compensation, net of forfeitures |
1,599 |
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— |
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2,430 |
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528 |
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— |
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(521) |
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2,437 |
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Repurchases of common stock and related excise taxes |
(7,387) |
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— |
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(6,134) |
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— |
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— |
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— |
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(6,134) |
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Shares exchanged for tax withholdings |
(479) |
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— |
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(416) |
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— |
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— |
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— |
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(416) |
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Periodic pension costs, net of income taxes of $6 |
— |
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— |
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— |
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— |
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(21) |
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— |
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(21) |
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Balances as of September 30, 2024 |
22,977,125 |
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$ |
231 |
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$ |
(162,416) |
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$ |
16,391 |
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$ |
1,768 |
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$ |
1,196,158 |
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$ |
1,052,132 |
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Common Stock |
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Treasury Stock |
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Additional Paid-in Capital |
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Accum. Other Comp. Income (Loss) |
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Retained Earnings |
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Total Equity |
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Shares |
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Amount |
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For the nine months ended September 30, 2023: |
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Balances as of December 31, 2022 |
23,087,037 |
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$ |
78 |
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$ |
(104,139) |
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$ |
8,293 |
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$ |
2,516 |
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$ |
866,139 |
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$ |
772,887 |
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Net income |
— |
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— |
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— |
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— |
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— |
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86,568 |
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86,568 |
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Dividends paid — $1.08 per share of common stock |
— |
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— |
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— |
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— |
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— |
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(25,061) |
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(25,061) |
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Share-based compensation, net of forfeitures |
5,268 |
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— |
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3,033 |
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(560) |
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— |
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(103) |
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2,370 |
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Repurchases of common stock and related excise taxes |
(10,881) |
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— |
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(6,749) |
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— |
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— |
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— |
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(6,749) |
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Shares exchanged for tax withholdings |
(1,464) |
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— |
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(939) |
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— |
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— |
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— |
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(939) |
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Periodic pension costs, net of income taxes of $6 |
— |
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— |
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— |
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— |
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(25) |
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— |
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(25) |
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Balances as of March 31, 2023 |
23,079,960 |
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78 |
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(108,794) |
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7,733 |
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2,491 |
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927,543 |
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829,051 |
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Net income |
— |
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— |
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— |
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— |
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— |
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100,393 |
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100,393 |
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Dividends paid — $1.08 per share of common stock |
— |
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— |
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— |
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— |
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— |
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(24,966) |
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(24,966) |
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Share-based compensation, net of forfeitures |
— |
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— |
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— |
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2,849 |
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— |
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(43) |
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2,806 |
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Repurchases of common stock and related excise taxes |
(42,525) |
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— |
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(19,708) |
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— |
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— |
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— |
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(19,708) |
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Periodic pension costs, net of income taxes of $8 |
— |
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— |
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— |
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— |
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(26) |
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— |
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(26) |
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Balances as of June 30, 2023 |
23,037,435 |
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78 |
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(128,502) |
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10,582 |
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2,465 |
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1,002,927 |
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887,550 |
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Net income |
— |
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— |
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— |
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— |
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— |
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105,574 |
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105,574 |
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Dividends paid — $1.08 per share of common stock |
— |
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— |
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— |
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— |
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— |
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(24,952) |
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(24,952) |
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Share-based compensation, net of forfeitures |
1,782 |
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— |
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|
990 |
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1,800 |
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— |
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(38) |
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2,752 |
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Repurchases of common stock and related excise taxes |
(10,692) |
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— |
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(5,995) |
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— |
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— |
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— |
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(5,995) |
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Shares exchanged for tax withholdings |
(543) |
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— |
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(345) |
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— |
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— |
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— |
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(345) |
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Periodic pension costs, net of income taxes of $7 |
— |
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— |
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— |
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— |
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(26) |
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— |
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|
(26) |
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Balances as of September 30, 2023 |
23,027,982 |
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$ |
78 |
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$ |
(133,852) |
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$ |
12,382 |
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$ |
2,439 |
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$ |
1,083,511 |
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$ |
964,558 |
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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 $250.0 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 September 30, 2024 and 2023, we repurchased shares of our Common Stock in amounts totaling $22.7 million and $32.2 million, respectively.
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