SHARE REPURCHASE

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

SHARE REPURCHASE

CAPITAL STOCK

The Company has Series A and Series B preferred stock of 1,222 shares and 15,000 shares outstanding as of December 31, 2023, 2022 and 2021, respectively. The preferred stock did not have any activity during 2023, 2022 and 2021.

Series A Preferred Stock

The holders of Series A preferred stock are entitled to one-tenth of a vote per share on all matters presented to a vote of shareholders generally, voting as a class with the holders of common stock, and are not entitled to any dividends or distributions other than in the event of a liquidation of the Company, in which case the holders of the Series A preferred stock are entitled to $100 liquidation preference per share.

Series B Convertible Preferred Stock

Each share of the Series B convertible preferred stock is convertible into 56 shares of common stock and a monthly dividend per share of $.50. The holders of the Series B convertible stock are entitled to a $100 liquidation preference per share after payment of the distributions to the holders of the Series A preferred stock and to one-tenth of a vote per share on all matters presented to a vote of shareholders generally, voting as a class with the holders of the common stock.

The activity related to outstanding common stock and common stock held in treasury was as follows (in thousands):

	2023	2022	2021
Balance, beginning of period	17,531	18,468	19,041
Issuance of shares for compensation net of withholding	47	47	85
Issuance of common stock related to equity distribution agreements	—	—	—
Issuance of common stock related to purchase of businesses	—	267	527
Purchase of shares held in treasury	(1,707)	(1,251)	(1,185)
Balance, end of period	15,871	17,531	18,468

SHARE REPURCHASE

On December 15, 2022, the Company announced a new Share Repurchase Program pursuant to which we may repurchase up to $85.0 million worth, or 2.8 million shares of the Company's outstanding common stock over the next 24 months.

The following table represents total number of shares purchased, the amount paid, and the average price paid per share under share repurchase programs authorized by our Board of Directors:

	Twelve Months Ended December 31,
	2023		2022	2021
(in millions, except per share data)
Total number of shares purchased	1.7		1.3	1.2
Amount paid	$	54.7	35.2	33.5
Average price paid per share	$	32.06	28.17	28.28