Capital Stock

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Capital Stock

Note 10. Capital Stock

The Company has authorized for issuance 65 million shares of $0.01 par value common stock and one million shares of $0.01 par value preferred stock. The Board may divide the preferred stock into one or more series and fix the redemption, dividend, voting, conversion, sinking fund, liquidation and other rights. The Company has no present plans to issue any preferred stock.

Common Stock Repurchases—On February 17, 2022, the Board authorized an increase to its previously approved stock repurchase program to bring the total remaining available repurchase authorization for shares on or after February 17, 2022 to $150 million and extended the expiration date of the repurchase program through December 31, 2023.

The stock repurchase program may be suspended or discontinued at any time. The timing and amount of any shares repurchased are determined by the Company based on its evaluation of market conditions and other factors and may be completed from time to time in one or more transactions on the open market or in privately negotiated purchases in accordance with all applicable securities laws and regulations and all repurchases in the open market will be made in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Repurchases may also be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so.

For the three and six months ended June 30, 2022, the Company repurchased 2,180,796 shares for $64.4 million at an average price of $29.54 per share and 3,408,099 shares for $106.5 million at an average price of $31.24 per share, respectively. As of June 30, 2022, the remaining authorized amount was $58.6 million. For the three and six months ended June 30, 2021, the Company repurchased 250,567 shares for $7.1 million at an average price of $28.19 per share and 377,249 shares for $10.5 million at an average price of $27.76 per share, respectively.