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Stock Repurchases
−Removed: The following table summarizes the repurchases of Class A common stock during the third quarter of 2025 by the Company or any “affiliated purchaser” of the Company, as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934.
+Added: The following table summarizes the repurchases of Class A common stock during the first quarter of 2026 by the Company or any “affiliated purchaser” of the Company, as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934.
Certain share repurchases included in the table below were made pursuant to a trading plan adopted by the Company in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934.
−Removed: Period Total number of shares purchased (a) Average price paid per share (b) Total number of shares purchased as part of publicly announced plans or programs (c) Maximum number of shares that may yet be purchased under the plans or programs (c)
−Removed: July 1 - July 31, 2025 26,265 $ 119.71 26,265 4,795,926
−Removed: August 1 - August 31, 2025 47,908 120.38 47,908 4,748,018
−Removed: September 1 - September 30, 2025 143,677 126.09 137,443 4,610,575
+Added: Period Total number of shares purchased (a) Average price paid per share Total number of shares purchased as part of publicly announced plans or programs (b) Maximum number of shares that may yet be purchased under the plans or programs (b)
+Added: January 1 - January 31, 2026 — $ — — 4,488,349
+Added: February 1 - February 28, 2026 10,367 128.46 10,367 4,477,982
+Added: March 1 - March 31, 2026 115,952 128.91 79,761 4,398,221
Total 126,319 $ 128.88 90,128
(a) The total number of shares includes:
−Removed: (i) shares repurchased pursuant to the stock repurchase program discussed in footnote (c) below;
+Added: (i) shares repurchased pursuant to the stock repurchase program discussed in footnote (b) below;
and (ii) shares owned and tendered by employees to satisfy tax withholding obligations upon the vesting of restricted shares.
−Removed: Shares purchased pursuant to the applicable stock repurchase program discussed in footnote (c) below during August included a total of 41,929 shares of Class A common stock purchased from a certain significant shareholder in a privately negotiated transaction on August 25, 2025.
−Removed: Shares of Class A common stock tendered by employees to satisfy tax withholding obligations included 6,234 shares in September 2025.
−Removed: Unless otherwise indicated, shares
−Removed: owned and tendered by employees to satisfy tax withholding obligations were purchased at the closing price of the Company’s shares on the date of vesting.
−Removed: (b) The average price of shares repurchased excludes excise taxes.
−Removed: (c) On May 8, 2025, the Company announced that its Board of Directors authorized a stock repurchase program to repurchase up to a total of five million shares of the Company's Class A common stock during the three-year period ending May 8, 2028.
−Removed: The five million shares authorized under the new program include the remaining unpurchased shares from the prior program, which the new program replaced.
−Removed: As of September 30, 2025, 4,610,575 shares remained authorized for repurchase under the Company's stock repurchase program.
+Added: Shares of Class A common stock tendered by employees to satisfy tax withholding obligations included 36,191 shares in March 2026.
+Added: Unless otherwise indicated, shares owned and tendered by employees to satisfy tax withholding obligations were purchased at the closing price of the Company’s shares on the date of vesting.
+Added: (b) On May 8, 2025, the Company announced that its Board of Directors authorized a stock repurchase program to repurchase up to a total of five million shares of the Company's Class A common stock during the three-year period ending May 8, 2028.
+Added: As of March 31, 2026, 4,398,221 shares remained authorized for repurchase under the Company's stock repurchase program.
Working capital and dividend restrictions/limitations
−Removed: The Company's $495.0 million unsecured line of credit, which is available through September 22, 2026, imposes restrictions on the payment of dividends through covenants requiring a minimum consolidated net worth and a minimum level of unencumbered cash, cash equivalent investments, and available borrowing capacity under the line of credit.
+Added: The Company's $435.0 million unsecured line of credit, which is available through March 31, 2031, imposes restrictions on the payment of dividends through covenants requiring a minimum consolidated net worth.
In addition, trust indentures and other financing agreements governing debt issued by the Company's lending subsidiaries generally have limitations on the amounts of funds that can be transferred to the Company by its subsidiaries through cash dividends at certain times.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.