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STOCKHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
STOCKHOLDERS' EQUITY
14. STOCKHOLDERS’ EQUITY
Preferred stock
The Company has 1 million authorized shares of preferred stock, $0.01 par value per share, of which none were issued and outstanding as of December 31, 2024.
The Board of Directors has the authority to issue the shares of preferred stock in one or more series, to establish the number of shares to be included in each series, and to determine the designation, powers, preferences, and rights of the shares of each series and the qualifications, limitations, or restrictions thereof, without any further vote or action by the stockholders. The issuance of preferred stock could decrease the earnings and assets available for distribution to holders of common stock and may have the effect of delaying, deferring, or defeating a change in control of the Company.
Common stock
The Company has 200 million authorized shares of common stock, $0.01 par value per share, of which 86.1 million were issued and outstanding as of December 31, 2024.
Dividends declared
202420232022
Dividends declared (per share)$0.12 $0.12 $0.12 
Dividend payments to stockholders (in thousands)$10,199 $9,964 $9,834 
The Company paid a quarterly cash dividend of $0.03 per share in 2024, 2023, and 2022. In the future, the Board of Directors may terminate or modify the dividend program without prior notice.
Stock repurchase program
On April 23, 2024, the Company’s Board of Directors extended the expiration date of the share repurchase program from June 30, 2024 to June 30, 2025. On October 22, 2024, the Company’s Board of Directors further extended the expiration date of the share repurchase program from June 30, 2025 to December 31, 2025 and increased the authorized repurchases by $250 million to $310 million as of that date.
Stock repurchase authorization activity:
(in thousands)202420232022
SharesAmountSharesAmountSharesAmount
January 1,$60,000 $58,075 $22,583 
Authorizations (1)
250,000 1,925 60,000 
Repurchases paid (2)
(809)(68,057)— — (280)(24,508)
Repurchases unpaid at period end (2)
(16)(1,500)— — — — 
December 31,$240,443 $60,000 $58,075 
(1) This represents increases in the repurchase authority made by the Board of Directors.
(2) Purchases under this program have been made on the open market.