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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] 听
Changes in Equity Changes in Equity
The following tables present changes in our equity for the three months ended March听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听 $ 78听 $ (144,998) $ 14,613听 $ 1,831听 $ 1,171,672听 $ 1,043,196听
Net income 鈥斕 鈥斕 鈥斕 鈥斕 鈥斕 114,417听 114,417听
Issuance of common stock related to stock split 鈥斕 153听 鈥斕 (153) 鈥斕 鈥斕 鈥斕
Dividends paid 鈥 $1.17 per share of common stock
 鈥斕 鈥斕 鈥斕 鈥斕 鈥斕 (26,907) (26,907)
Share-based compensation, net of forfeitures 8,373听 鈥斕 4,698听 (1,297) 鈥斕 15听 3,416听
Repurchases of common stock and related excise taxes (20,106) 鈥斕 (10,445) 鈥斕 鈥斕 鈥斕 (10,445)
Shares exchanged for tax withholdings (2,469) 鈥斕 (1,207) 鈥斕 鈥斕 鈥斕 (1,207)
Periodic pension costs, net of income taxes of $6
 鈥斕 鈥斕 鈥斕 鈥斕 (21) 鈥斕 (21)
Balances as of March 31, 2024
 22,993,479听 $ 231听 $ (151,952) $ 13,163听 $ 1,810听 $ 1,259,197听 $ 1,122,449听
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听 $ 78听 $ (104,139) $ 8,293听 $ 2,516听 $ 866,139听 $ 772,887听
Net income 鈥斕 鈥斕 鈥斕 鈥斕 鈥斕 86,568听 86,568听
Dividends paid 鈥 $1.08 per share of common stock
 鈥斕 鈥斕 鈥斕 鈥斕 鈥斕 (25,061) (25,061)
Share-based compensation, net of forfeitures 5,268听 鈥斕 3,033听 (560) 鈥斕 (103) 2,370听
Repurchases of common stock and related excise taxes (10,881) 鈥斕 (6,749) 鈥斕 鈥斕 鈥斕 (6,749)
Shares exchanged for tax withholdings (1,464) 鈥斕 (939) 鈥斕 鈥斕 鈥斕 (939)
Periodic pension costs, net of income taxes of $6
 鈥斕 鈥斕 鈥斕 鈥斕 (25) 鈥斕 (25)
Balances as of March 31, 2023
 23,079,960听 $ 78听 $ (108,794) $ 7,733听 $ 2,491听 $ 927,543听 $ 829,051听
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, 鈥淥rganization and Description of Business Segments.鈥

Stock Repurchase Program

On November听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鈥檚 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听31, 2024 and 2023, we repurchased shares of our Common Stock in amounts totaling $10.3 million and $6.7 million, respectively.