Quarterly report pursuant to Section 13 or 15(d)

STOCKHOLDERS EQUITY

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STOCKHOLDERS EQUITY
3 Months Ended
Mar. 31, 2022
Equity [Abstract]  
STOCKHOLDERS' EQUITY

NOTE 13.STOCKHOLDERS’ EQUITY

During the three months ended March 31, 2022, the Company paid $49.2 million, or $0.10 per share, in cash dividends compared to $39.4 million, or $0.08 per share, during the same period in 2021.

During the first quarter ended March 31, 2022 and during the same period in 2021, the Company did not repurchase shares on the open market.

The Company repurchases shares from employees for the payment of their taxes on restricted shares that have vested. The Company repurchased $6.4 million and $9.3 million for the quarters ended March 31, 2022 and 2021, respectively.

As more fully discussed in Note 15 of the Company’s notes to the consolidated financial statements in its 2021 Annual Report on Form 10-K, time-lapse restricted awards and restricted stock units (“restricted shares”) have been issued to officers and other management employees under the Company’s Employee Stock Incentive Plans. Beginning with the 2022 grant, restricted shares vest in 20 percent increments over five years from the date of the grant. Prior grants vest over

six years from the date of grant. The Company issues new shares from its authorized but unissued share pool. As of March 31, 2022, approximately 5.9 million shares of the Company’s common stock were reserved for issuance.

Time Lapse Restricted Shares

The following table summarizes the components of the Company’s stock-based compensation programs recorded as expense:

Three Months Ended

March 31, 

(in thousands)

    

2022

    

2021

Time lapse restricted stock:

  

 

  

Pre-tax compensation expense

$

6,138

$

3,921

Tax benefit

 

(1,324)

 

(886)

Restricted stock expense, net of tax

$

4,814

$

3,035

The following table summarizes information on unvested restricted stock outstanding as of March 31, 2022:

    

    

Weighted

Average

Number of

Grant-Date

(number of shares in thousands)

    

Shares

    

Fair Value

Unvested Restricted Stock at December 31, 2021

 

2,596

 

$

26.26

Forfeited

 

(14)

 

25.52

Vested

 

(595)

 

19.39

Granted

 

771

 

29.70

Unvested Restricted Stock at March 31, 2022

 

2,758

$

28.74

As of March 31, 2022, and December 31, 2021, the Company had $66.2 million and $65.2 million of total unrecognized compensation cost, respectively, related to time-lapse restricted shares that are expected to be recognized over a weighted average period of approximately 4.1 years and 4.5 years, respectively.