Share Capital

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Share Capital

Note 19. Share Capital

Common stock

We are authorized under our certificate of incorporation, as amended and restated, to issue up to 190 million shares of common stock, par value $0.001 per share, of which 14,320,960 shares have been reserved for issuance under the Incentive Plans (as defined in Note 20, “Share-Based Compensation”).

Treasury stock

On December 7, 2021, we announced a new share repurchase program, authorized by our board of directors, of up to ten million shares of our common stock or $100 million, whichever occurs first. No shares were repurchased under this plan in 2021.

With our repurchase of 4.6 million shares at an average price of $10.64 for a total of $48 million during the year ended December 31, 2021, we completed our $100 million share repurchase program, which was launched in March 2020 and authorized the repurchase of shares of up to 15% of our common stock, for an aggregate consideration of up to $100 million. Under this program, we also repurchased 6.9 million shares at an average price of $4.28 for a total of $30 million in 2020.

During the year ended December 31, 2019, we repurchased 4.8 million shares at an average price of $4.98 for a total of $24 million under our $150 million share repurchase program, which was completed in 2019.

Dividends

We declared and paid a special dividend on our common stock of $1.00 per share ($79 million) in 2021. We did not declare or pay any dividends on our common stock during the year ended December 31, 2020 and 2019.

Under some of our compensation plans, participants are credited additional units when a dividend is declared. The impact of the special dividend was as follows: $3 million was recognized as a compensation expense, and $2 million as an increase in deficit and in additional paid-in capital; and $3 million as an increase in liabilities during the year ended December 31, 2021.

Preferred stock

We are authorized under our certificate of incorporation, as amended and restated, to issue ten million shares of preferred stock, par value $0.001 per share. As of December 31, 2021 and 2020, no preferred shares were issued and outstanding.