EQUITY |
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| EQUITY | EQUITY: Treasury Stock General Treasury stock is recorded at cost. Under Delaware law, treasury stock is not counted for quorum purposes or entitled to vote. Shares withheld for tax withholding obligations The tax withholding obligations of employees with respect to RSUs and PSUs that are settled in common stock are typically satisfied by Quanta making tax payments and withholding the number of shares of common stock having a value equal to the tax withholding obligation that is due on the date of vesting or settlement (as applicable). With respect to these liabilities, Quanta withheld 0.4 million shares of Quanta common stock during the year ended December 31, 2025, which had a market value of $112.3 million, 0.6 million shares of Quanta common stock during the year ended December 31, 2024, which had a market value of $155.5 million, and 0.7 million shares of Quanta common stock during the year ended December 31, 2023, which had a market value of $119.1 million. These shares and the related costs to acquire them were accounted for as adjustments to the balance of treasury stock. Stock repurchases On May 23, 2023, Quanta’s Board of Directors approved a stock repurchase program that authorizes Quanta to purchase, from time to time through June 30, 2026, up to $500 million of its outstanding common stock. As of December 31, 2025, $365.1 million remained available under this repurchase program. Quanta repurchased the following shares of common stock in the open market under its stock repurchase programs (in thousands):
Quanta’s policy is to record a stock repurchase as of the trade date of the transaction; however, the payment of cash related to the repurchase is made on the settlement date of the transaction. During the year ended December 31, 2025 and 2023, there were $134.6 million and $0.4 million of cash payments related to stock repurchases. Repurchases may be implemented through open market repurchases or privately negotiated transactions, at management’s discretion, based on market and business conditions, applicable contractual and legal requirements and other factors. Quanta is not obligated to acquire any specific amount of common stock, and the repurchase program may be modified or terminated by Quanta’s Board of Directors at any time at its sole discretion and without notice. Dividends Quanta declared and paid the following cash dividends and cash dividend equivalents during 2025, 2024 and 2023 (in thousands, except per share amounts):
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