Stockholders' Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Stockholders' Equity

9. Stockholders’ Equity

Common Stock

Our shareholders have authorized the issuance of 1.125 billion shares of common stock. The par value of Navient common stock is $0.01 per share. At December 31, 2023, 114 million shares were issued and outstanding and 16 million shares were unissued but encumbered for outstanding stock options, restricted stock units, performance stock units and dividend equivalent units for employee compensation and remaining authority for stock-based compensation plans.

Dividend and Share Repurchase Program

The following table summarizes our common share repurchases, issuances and dividends paid.

	Years Ended December 31,
(Dollars and shares in millions, except per share amounts)	2023		2022		2021
Common stock repurchased(1)		18.0		24.8		34.4
Common stock repurchased (in dollars)(1)	$	310	$	400	$	600
Average purchase price per share(1)	$	17.21	$	16.13	$	17.46
Remaining common stock repurchase authority(1)	$	290	$	600	$	1,000
Shares repurchased related to employee stock-    based compensation plans(2)		1.3		1.2		3.0
Average purchase price per share(2)	$	18.44	$	17.84	$	13.65
Common shares issued(3)		2.6		2.5		4.9
Dividends paid	$	78	$	91	$	107
Dividends per share	$	.64	$	.64	$	.64

(1)Common shares purchased under our share repurchase program. Our Board of Directors authorized a $1 billion multi-year share repurchase program in December 2021.

(2)Comprises shares withheld from stock option exercises and vesting of restricted stock for employees’ tax withholding obligations and shares tendered by employees to satisfy option exercise costs.

(3)Common shares issued under our various compensation and benefit plans.

The closing price of our common stock on December 29, 2023 was $18.62.