Capital Stock

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Capital Stock

(12)Capital Stock

We have authorized capital stock of 485.0 million shares, which includes 475.0 million shares of common stock and 10.0 million shares of preferred stock. The following is a schedule of changes in the number of common shares outstanding since the beginning of 2020:

	Year Ended December 31,
	2021		2020
Beginning balance		246,348,092		249,630,803
Restricted stock grants		1,293,892		3,390,358
Restricted stock units vested		1,493,341		1,226,473
Performance stock units issued		640,468		279,420
Performance stock dividends		13,966		18,700
Treasury shares		3,149		(8,197,662	)
Ending balance		249,792,908		246,348,092

Common Stock Dividends

The board of directors declared quarterly dividends of $0.02 per common share for each of the four quarters of 2019. In January 2020, we announced that the board had suspended the dividend. We expect the quarterly cash dividend will be reinstated in the second half of 2022. The determination of the amount of future dividends, if any, to be declared and paid is at the sole discretion of the board of directors and will depend on our financial condition, earnings, capital requirements, levels of indebtedness, our future business prospects and other matters our board of directors deem relevant. Our bank credit facility allows for the payment of common dividends, with certain limitations, as described in the facility agreement.

Stock Repurchase Program

In October 2019, the board of directors approved a stock purchase program to acquire up to $100 million of our outstanding stock. In early 2022, the board approved an increase to this stock purchase plan where the board of directors authorized an additional repurchase of up to $500.0 million. The following is a schedule of the change in treasury shares since the beginning of 2020:

	Year Ended December 31,
	2021			2020
Beginning balance		10,005,795			1,808,133
Rabbi trust shares distributed and/or sold		(3,149	)		(2,338	)
Shares repurchased		—			8,200,000
Ending balance		10,002,646			10,005,795