Stockholders Equity and Stock Compensation (Tables)
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9 Months Ended |
Sep. 30, 2024 |
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| Equity [Abstract] |
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| Summary of Stock Repurchase Activities |
The following table provides a summary the Company’s stock repurchase activities:
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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Shares repurchased |
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1,379,206 |
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805,486 |
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3,252,321 |
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2,061,151 |
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Average cost per share |
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$ |
65.27 |
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$ |
49.68 |
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$ |
64.59 |
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$ |
48.54 |
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Total cost of shares repurchased (in thousands) |
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$ |
90,027 |
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$ |
40,015 |
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$ |
210,065 |
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$ |
100,041 |
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| Summary of Stock-Based Instruments |
The Company issued the following stock-based instruments:
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Nine Months Ended September 30, |
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2024 |
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2023 |
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Granted |
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Weighted-Average Grant-Date Fair Value |
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Granted |
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Weighted-Average Grant-Date Fair Value |
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Restricted stock |
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1,196,960 |
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$ |
59.05 |
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901,140 |
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$ |
45.97 |
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Performance-based restricted stock |
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93,500 |
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$ |
60.91 |
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121,225 |
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$ |
43.34 |
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Market-based restricted stock |
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93,500 |
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$ |
78.80 |
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121,225 |
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$ |
59.71 |
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| Summary of Unvested Shares |
A summary of the status and changes of the Company’s unvested shares is presented below:
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Shares |
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Weighted-Average Grant-Date Fair Value |
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Unvested at December 31, 2023 |
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3,462,705 |
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$ |
43.54 |
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Granted |
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1,383,960 |
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60.51 |
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Vested |
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(1,830,791 |
) |
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42.85 |
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Cancelled |
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(51,400 |
) |
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51.83 |
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Performance Adjustment |
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224,809 |
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46.87 |
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Unvested at September 30, 2024 |
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3,189,283 |
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$ |
51.40 |
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| Summary of the Payout for EPS and TSR Grants |
A summary of the payout for EPS and TSR grants is presented below:
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Nine Months Ended September 30, 2024 |
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Target Shares |
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Payout Factor |
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Performance Adjustment |
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December 2020 EPS Grant |
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125,000 |
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133 |
% |
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41,665 |
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December 2020 TSR Grant |
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125,000 |
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162 |
% |
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77,250 |
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March 2021 EPS Grant |
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108,750 |
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133 |
% |
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36,250 |
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March 2021 TSR Grant |
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108,750 |
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164 |
% |
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69,644 |
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Total Performance Adjustments |
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224,809 |
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