Capital Stock

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Capital Stock

(14) 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. We currently have no preferred stock issued or outstanding. The following is a schedule of changes in the number of common shares outstanding since the beginning of 2022:

	Nine Months Ended September 30, 2023			Year Ended December 31, 2022
Beginning balance		238,885,730			249,792,908
Restricted stock grants		50,238			671,303
Restricted stock units vested		1,754,923			1,827,625
Performance stock units issued		1,057,245			590,940
Performance stock dividends		6,276			1,843
Treasury shares		(399,530	)		(13,998,889	)
Ending balance		241,354,882			238,885,730

Stock Repurchase Program

In 2019, the board of directors approved a stock repurchase program which was increased in size in 2022. At September 30, 2023, we had a remaining authorization to repurchase up to approximately $1.1 billion of our common stock. Under this program, we may repurchase shares in open market transactions, from time to time, in accordance with applicable SEC rules and federal securities laws. Purchases under the program are made at our discretion and may change based upon market conditions. In first nine months 2023, we repurchased 400,000 shares at an aggregate cost of $9.7 million. The following is a schedule of the change in treasury shares for the three and nine months ended September 30, 2023:

	Three Months Ended September 30, 2023		Nine Months Ended September 30, 2023
Beginning balance		24,401,065		24,001,535
Rabbi trust shares distributed/sold		—		(470	)
Shares repurchased		—		400,000
Ending balance		24,401,065		24,401,065