Stockholders Equity and Stock Compensation (Tables)
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12 Months Ended |
Dec. 31, 2024 |
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| Equity [Abstract] |
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| Summary of Stock Repurchase Activities |
The following table provides a summary of the Company’s stock repurchase activities:
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Year Ended December 31, |
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2024 |
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2023 |
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Shares repurchased |
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5,150,502 |
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3,197,345 |
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Average cost per share |
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$ |
64.09 |
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$ |
50.06 |
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Total cost of shares repurchased (in thousands) |
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$ |
330,103 |
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$ |
160,064 |
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| Summary of Stock-Based Instruments |
The Company granted the following stock-based instruments:
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Year Ended December 31, |
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2024 |
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2023 |
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2022 |
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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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Granted |
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Weighted-Average Grant-Date Fair Value |
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Restricted stock |
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1,211,160 |
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$ |
59.12 |
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959,690 |
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$ |
46.24 |
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1,446,550 |
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$ |
38.27 |
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Performance-based restricted stock (1) |
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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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116,250 |
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$ |
42.46 |
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Market-based restricted stock (1) |
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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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116,250 |
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$ |
58.85 |
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(1) Based on the target number of shares that may vest.
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| Summary of Unvested Shares Related to the Plans |
A summary of the status and changes of the Company’s unvested shares related to the Plan 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, 2021 |
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3,253,316 |
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$ |
38.97 |
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Granted |
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1,679,050 |
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39.98 |
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Vested/Released |
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(1,423,531 |
) |
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36.13 |
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Cancelled |
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(84,933 |
) |
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39.72 |
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Unvested at December 31, 2022 |
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3,423,902 |
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40.62 |
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Granted |
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1,202,140 |
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47.31 |
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Vested/Released |
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(1,119,837 |
) |
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38.76 |
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Cancelled |
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(43,500 |
) |
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41.19 |
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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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1,398,160 |
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60.56 |
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Vested/Released |
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(1,969,990 |
) |
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42.94 |
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Cancelled |
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(58,650 |
) |
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52.18 |
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Performance Adjustment |
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224,809 |
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46.87 |
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Unvested at December 31, 2024 |
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3,057,034 |
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$ |
51.79 |
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| Summary of the Payout for EPS and TSR Grants |
For the year ended December 31, 2024, shares were issued based on the achievement of certain EPS and TSR metrics as presented below:
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Year ended December 31, 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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