| Summary of Changes in Shareholders' Equity |
A summary of changes in stockholders’ equity is presented below (in thousands):
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Nine Months Ended September 30, 2023 |
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(In thousands) |
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Number of
Shares |
|
Common
Stock |
|
Additional
Paid-In
Capital |
|
Retained
Earnings |
|
Total |
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| Balance at December 31, 2022 |
|
36,571 |
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|
$ |
366 |
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|
$ |
327,878 |
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$ |
3,621,367 |
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$ |
3,949,611 |
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| Net earnings |
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— |
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— |
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— |
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131,301 |
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|
131,301 |
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| Stock-based compensation expense |
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— |
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— |
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6,225 |
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— |
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6,225 |
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| Issuance of stock |
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287 |
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3 |
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(3) |
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— |
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— |
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| Dividends declared |
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— |
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— |
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— |
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(9,927) |
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(9,927) |
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| Share repurchases |
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(93) |
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(1) |
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(9,999) |
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— |
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(10,000) |
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| Balance at March 31, 2023 |
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36,765 |
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$ |
368 |
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$ |
324,101 |
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$ |
3,742,741 |
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$ |
4,067,210 |
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| Net earnings |
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— |
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— |
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— |
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186,836 |
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|
186,836 |
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| Stock-based compensation expense |
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— |
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— |
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4,176 |
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— |
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4,176 |
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| Dividends declared |
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— |
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— |
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— |
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(9,927) |
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(9,927) |
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| Balance at June 30, 2023 |
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36,765 |
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$ |
368 |
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$ |
328,277 |
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$ |
3,919,650 |
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$ |
4,248,295 |
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| Net earnings |
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— |
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— |
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— |
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221,760 |
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221,760 |
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| Stock-based compensation expense |
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— |
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— |
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6,156 |
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— |
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6,156 |
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| Dividends declared |
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— |
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— |
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— |
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(9,841) |
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(9,841) |
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| Issuance of stock |
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4 |
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— |
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— |
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— |
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— |
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| Share repurchases |
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(319) |
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(4) |
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(45,324) |
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— |
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(45,328) |
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| Balance at September 30, 2023 |
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36,450 |
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$ |
364 |
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$ |
289,109 |
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$ |
4,131,569 |
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$ |
4,421,042 |
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Nine Months Ended September 30, 2022 |
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(In thousands) |
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|
Number of
Shares |
|
Common
Stock |
|
Additional
Paid-In
Capital |
|
Retained
Earnings |
|
Total |
| Balance at December 31, 2021 |
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37,341 |
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$ |
373 |
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$ |
414,841 |
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$ |
2,629,175 |
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$ |
3,044,389 |
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| Net earnings |
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— |
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— |
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— |
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217,254 |
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217,254 |
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| Stock-based compensation expense |
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— |
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— |
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5,975 |
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— |
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5,975 |
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| Issuance of stock |
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392 |
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4 |
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(4) |
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— |
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— |
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| Share repurchases |
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(1,038) |
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(10) |
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(99,293) |
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— |
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(99,303) |
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| Balance at March 31, 2022 |
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36,695 |
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$ |
367 |
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$ |
321,519 |
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$ |
2,846,429 |
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$ |
3,168,315 |
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| Net earnings |
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— |
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— |
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— |
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250,084 |
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|
250,084 |
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| Stock-based compensation expense |
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— |
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— |
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4,070 |
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— |
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4,070 |
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| Share repurchases |
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(128) |
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(1) |
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(9,999) |
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— |
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(10,000) |
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| Balance at June 30, 2022 |
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36,567 |
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$ |
366 |
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$ |
315,590 |
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$ |
3,096,513 |
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$ |
3,412,469 |
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| Net earnings |
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— |
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— |
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— |
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262,489 |
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|
262,489 |
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| Stock-based compensation expense |
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— |
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— |
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|
6,852 |
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— |
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6,852 |
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| Issuance of stock |
|
4 |
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— |
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— |
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— |
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— |
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| Balance at September 30, 2022 |
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36,571 |
|
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$ |
366 |
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$ |
322,442 |
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$ |
3,359,002 |
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$ |
3,681,810 |
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During the three months ended September 30, 2023, our Board of Directors approved, and we paid, a quarterly cash dividend on common stock of $0.27 per share. Quarterly dividends declared and paid during the nine months ended September 30, 2023 totaled $0.81 per share. There were no such transactions in the three and nine months ended September 30, 2022. The Inflation Reduction Act of 2022 ("IRA"), which was enacted into law on August 16, 2022, imposed a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. During the three and nine months ended September 30, 2023, we reflected the applicable excise tax in Additional paid-in capital as part of the cost basis of the stock repurchased and recorded a corresponding liability for the excise taxes payable in Accrued liabilities on the accompanying unaudited consolidated balance sheets.
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