Capital Stock

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Capital Stock

(13) 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 2023:

	Nine Months Ended September 30, 2024			Year Ended December 31, 2023
Beginning balance		241,040,304			238,885,730
Restricted stock grants		15,609			50,238
Restricted stock units vested		1,189,700			1,755,345
Performance stock units issued		455,317			1,057,245
Performance stock dividends		6,914			6,276
Treasury shares		(1,400,000	)		(714,530	)
Ending balance		241,307,844			241,040,304

Stock Repurchase Program

In 2019, the board of directors approved a stock repurchase program which was increased in size in 2022. At September 30, 2024, we had a remaining authorization to repurchase up to approximately $1.0 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 third quarter 2024, we repurchased 1.1 million shares at an aggregate cost of $33.9 million, which includes the repurchase of $9.9 million (295,129 shares) traded in June, but settled in July. The following is a schedule of the change in treasury shares based on settlement date for the three and nine months ended September 30, 2024:

	Three Months Ended September 30, 2024		Nine Months Ended September 30, 2024
Beginning balance		25,020,936		24,716,065
Rabbi trust shares distributed/sold		—		—
Shares repurchased		1,095,129		1,400,000
Ending balance		26,116,065		26,116,065