Capital Stock

12 Months Ended

Dec. 31, 2020

(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. The following is a schedule of changes in the number of common shares outstanding since the beginning of 2019:



	Year Ended December 31,
	2020			2019
Beginning balance		249,630,803			249,510,022
Restricted stock grants		3,390,358			1,186,290
Restricted stock units vested		1,226,473			720,212
Performance stock units issued		279,420			12,283
Performance stock dividends		18,700			464
Treasury shares		(8,197,662	)		(1,798,468	)
Ending balance		246,348,092			249,630,803

Common Stock Dividends

The board of directors declared quarterly dividends of $0.02 per common share for each of the four quarters of 2019 and 2018. In January 2020, we announced that the board had suspended the dividend. 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 and our senior subordinated notes allow for the payment of common dividends, with certain limitations, as described in the indentures governing each of our notes.

Stock Repurchase Program

In October 2019, the board of directors approved a new stock purchase program to acquire up to $100 million of our outstanding stock. The following is a schedule of the change in treasury shares since the beginning of 2019:


	Year Ended December 31,
	2020			2019
Beginning balance		1,808,133			9,665
Rabbi trust shares distributed and/or sold		(2,338	)		(1,532	)
Shares repurchased		8,200,000			1,800,000
Ending balance		10,005,795			1,808,133