Item 1A. RISK FACTORS

2K characters. Original on sec.gov · Markdown

Item 1A. RISK FACTORS

There have been no material changes to the risk factors previously disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 as filed with the Securities and Exchange Commission on February 23, 2026.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities

In 2011, our Board of Directors approved a continuation of the current stock repurchase program, authorizing repurchases for a total of $150 million with no time limitation. This repurchase authority included, and was not in addition to, any unspent amounts remaining under the prior authorization.

The following table provides information regarding our Class A nonvoting common stock share repurchases during the quarter

ending March 31, 2026:


(dollars in thousands, except per share data)
Period	Total number of shares purchased	Average price paid per share		Total number of shares purchased as part of publicly announced program	Dollar value of shares that may yet be purchased under the program

January 1-31, 2026 (1)	5,938	$	279.57	—	$	17,754
February 1-28, 2026 (2)	476	273.84		—	17,754
March 1-31, 2026 (3)	1,334	245.71		—	17,754
Total	7,748	273.38		—

(1) Represents shares purchased on the open market for stock-based awards in conjunction with our equity compensation plan.

(2) Represents shares purchased on the open market to fund the rabbi trust for the outside director deferred stock compensation plan.

(3) Represents shares purchased on the open market to fund the rabbi trust for the incentive compensation deferral plan.

Previous: Item 4. CONTROLS AND PROCEDURES · Next: Item 6. EXHIBITS