Capital Stock

12 Months Ended

Dec. 31, 2022

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 2021:

	Year Ended December 31,
	2022			2021
Beginning balance		249,792,908			246,348,092
Restricted stock grants		671,303			1,293,892
Restricted stock units vested		1,827,625			1,493,341
Performance stock units vested		590,940			640,468
Performance stock dividends		1,843			13,966
Treasury shares		(13,998,889	)		3,149
Ending balance		238,885,730			249,792,908

Common Stock Dividends

In January 2020, we announced that the board of directors had suspended our common stock dividend. The quarterly cash dividend was reinstated by our board of directors in third quarter 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 deems 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 of directors approved an increase to this stock purchase plan where the board of directors authorized an additional repurchase of up to $430.0 million for an aggregate available amount at that time of $500.0 million. In October 2022, our board of directors authorized an additional repurchase of $1.0 billion for common stock repurchases. Under this program, we may repurchase shares of our common stock in open market transactions, from time to time, in accordance with applicable SEC rules and federal securities laws. In 2022, we repurchased 14.0 million shares at an aggregate value of $399.7 million. The following is a schedule of the change in treasury shares since the beginning of 2021:

	Year Ended December 31,
	2022			2021
Beginning balance		10,002,646			10,005,795
Rabbi trust shares distributed and/or sold		(1,111	)		(3,149	)
Shares repurchased		14,000,000			—
Ending balance		24,001,535			10,002,646