Company: NSP
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001000753-25-000107
Chunk: 14

Company: INSPERITY, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 8
Chunk 14
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0.50%; and (3) the Adjusted Term SOFR rate plus 2.00%. We also pay an unused commitment fee on the average daily unused portion of the Facility at a rate of 0.25% per year. The average interest rate for the nine month period ended September 30, 2025 was 6.2%. Interest expense and unused commitment fees are recorded in other income (expense). The Facility contains both affirmative and negative covenants that we believe are customary for arrangements of this nature. Covenants include, but are not limited to, limitations on our ability to incur additional indebtedness, sell material assets, retire, redeem or otherwise reacquire our capital stock, acquire 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 September 30, 2025.

6.Stockholders' EquityDuring the nine months ended September 30, 2025, we repurchased or withheld an aggregate of 225,459 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 nine months ended September 30, 2025, 45,000 shares were repurchased under the Repurchase Program.  As of September 30, 2025, we were authorized to repurchase an additional 1,407,764 shares under the Repurchase Program.Withheld SharesDuring the nine months ended September 30, 2025, we withheld 180,459 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 Second quarter0.60 0.60 Third quarter0.60 0.60 During the nine months ended September 30, 2025 and 2024, we declared and paid dividends