Shareholders' Equity

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

Shareholders' Equity

NOTE 16 — Shareholders' Equity

Share count and par value data related to shareholders' equity are as follows:

	As of December 31,
	2022		2021
Preferred Stock
Par value per share	No par value		No par value
Shares authorized		25,000,000		25,000,000
Shares outstanding		—		—
Common Stock
Par value per share	No par value		No par value
Shares authorized		75,000,000		75,000,000
Shares issued		57,330,761		57,245,060
Shares outstanding		31,680,890		32,178,715
Treasury stock
Shares held		25,649,871		25,066,345

On May 13, 2021, the Board of Directors approved a share repurchase program that authorizes the Company to repurchase up to $50,000 of the Company’s common stock. The repurchase program has no set expiration date and replaced the repurchase program approved by the Board of Directors on February 7, 2019. During the year ended December 31, 2022, 583,526 shares of common stock were repurchased for approximately $21,447. Approximately $19,767 is still available for future purchases under this program.

On February 9, 2023, the Board approved a new share repurchase program that authorizes the Company to repurchase up to $50 million of its common stock. The repurchase program has no set expiration date and supersedes and replaces the repurchase program approved by the Board in May 2021.

A roll forward of common shares outstanding is as follows:

	As of December 31,
	2022			2021
Balance at beginning of the year		32,178,715			32,276,787
Repurchases		(583,526	)		(266,722	)
Restricted stock unit issuances		85,701			168,650
Balance at end of period		31,680,890			32,178,715