Capital Stock

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Capital Stock

(11) 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 2022:

	Year Ended December 31,
	2023			2022
Beginning balance		238,885,730			249,792,908
Restricted stock grants		50,238			671,303
Restricted stock units vested		1,755,345			1,827,625
Performance stock units vested		1,057,245			590,940
Performance stock dividends		6,276			1,843
Treasury shares		(714,530	)		(13,998,889	)
Ending balance		241,040,304			238,885,730

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 of directors 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 repurchase program which was increased in size in 2022. 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 2023, we repurchased 715,000 shares at an aggregate value of $19.0 million. As of December 31, 2023, we have approximately $1.1 billion of remaining authorization under this program. The following is a schedule of the change in treasury shares since the beginning of 2022:

	Year Ended December 31,
	2023			2022
Beginning balance		24,001,535			10,002,646
Rabbi trust shares distributed and/or sold		(470	)		(1,111	)

Shares repurchased	715,000	14,000,000
Ending balance	24,716,065	24,001,535