Company: NSP
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0001000753-25-000023
Chunk: 13

Company: INSPERITY, INC.
Filing Date: 2025-04-29
Form: 10-Q
Item: Item 8
Chunk 13
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 the capital stock or assets of another business, make investments and pay dividends. In addition, the Credit Agreement requires us to comply with financial covenants limiting our total funded debt, minimum interest coverage ratio, and maximum leverage ratio. Effective March 31, 2025, we amended the Facility to exclude dividends from the interest coverage ratio financial covenant. We were in compliance with all financial covenants under the Credit Agreement at March 31, 2025.

6.Stockholders' EquityDuring the three months ended March 31, 2025, we repurchased or withheld an aggregate of 224,065 shares of our common stock, as described below.Repurchase ProgramOur Board of Directors (the “Board”) has authorized a program to repurchase shares of our outstanding common stock (“Repurchase Program”). The purchases may be made from time to time in the open market or directly from stockholders at prevailing market prices based on market conditions and other factors. During the three months ended March 31, 2025, 45,000 shares were repurchased under the Repurchase Program.  As of March 31, 2025, we were authorized to repurchase an additional 1,407,764 shares under the Repurchase Program.Withheld SharesDuring the three months ended March 31, 2025, we withheld 179,065 shares to satisfy tax withholding obligations for the vesting of long-term incentive and restricted stock unit awards.DividendsThe Board declared and paid quarterly dividends as follows:(amounts per share)20252024First quarter$0.60 $0.57 During the three months ended March 31, 2025 and 2024, we declared and paid dividends totaling $23 million and $21 million, respectively.

7.Earnings Per ShareBasic EPS is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income by the weighted average number of common shares outstanding during the period, plus the dilutive effect of time-based and performance-based  restricted stock units (“RSUs”).

Insperity | 2025 First Quarter Form 10-Q17

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following table summarizes the net income and the basic and diluted shares used in the earnings per share computations:Three Months Ended March 31,(in millions)20252024Net income$51 $79 Weighted average common shares outstanding38 37 Incremental shares from assumed time-based