Equity |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Equity [Abstract] | 听 |
| Equity | Equity Increases in Authorized Shares of Common Stock
As of December 31, 2025, the Company had authorized shares consisting of 1,000,000 shares of preferred stock, par value $0.01 per share (鈥淧referred Stock鈥) and 139,610,808 shares of Common Stock. On December 2, 2025, the Company filed an amendment to the Company鈥檚 Second Amended and Restated Certificate of Incorporation (the 鈥淐ertificate of Incorporation鈥) with the Secretary of State of the State of Delaware, pursuant to which the Certificate of Incorporation was amended to provide that the total number of authorized shares of capital stock of the Company be increased to 140,610,808 share of capital stock, consisting of 1,000,000 shares of Preferred Stock and 139,610,808 shares of Common Stock.
As of December 31, 2024, the Company had authorized shares consisting of 1,000,000 shares of Preferred Stock, and 46,536,936 shares of Common Stock. On March听1, 2024, the Company filed a Certificate of Amendment to the Certificate of Incorporation with the Secretary of State of the State of Delaware, pursuant to which the Certificate of Incorporation was amended to provide that the total number of authorized shares of capital stock of the Company be increased to 47,536,936 shares of capital stock, consisting of 1,000,000 shares of Preferred Stock and 46,536,936 shares of Common Stock.
Common Stock Split
On December听22, 2025, we effected a three-for-one forward stock split of our Common Stock. The record date for the stock split was December听12, 2025. The shares of Common Stock retained a par value of $0.01 per share. Accordingly, an amount equal to the par value of the increased shares resulting from the stock split was reclassified from 鈥淎dditional paid-in capital鈥 to 鈥淐ommon Stock.鈥
On March听26, 2024, we effected a three-for-one stock split in the form of a stock dividend of two additional shares of Common Stock outstanding to stockholders of record as of March听18, 2024. The shares of Common Stock retained a par value of $0.01 per share. Accordingly, an amount equal to the par value of the increased shares resulting from the stock split was reclassified from 鈥淎dditional paid-in capital鈥 to 鈥淐ommon Stock.鈥
All share, RSA, RSU, PSU and per share information has been retroactively adjusted to reflect both the December听22, 2025 and March 26, 2024 stock splits.
Dividends
For the year ended December 31, 2025, we paid total regular cash dividends of $2.13 per share of Common Stock. For the year ended December 31, 2024, we paid total regular cash dividends of $1.70 per share of Common Stock and special dividends of $3.33 per share of Common Stock.
Stock Repurchase Program
On November听1, 2022, our board of directors (the 鈥淏oard鈥) 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 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 are subject to market conditions, applicable legal requirements and other factors. As of December听31, 2025, the remaining amount authorized under the approved stock repurchase program was $170.2 million.
For the years ended December听31, 2025 and 2024, we repurchased $8.4 million and $29.2 million shares of our Common Stock, respectively.
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