Common Stock Issued and Outstanding

9 Months Ended

Sep. 30, 2023

Note O – Common Stock Issued and Outstanding

Activity in the number of shares of the Company’s Common Stock issued and outstanding for the nine-month periods ended September 30, 2023 and 2022 is shown below.


(Number of shares outstanding)	September 30, 2023	September 30, 2022
Beginning of period	155,467,319	154,463,050
Stock options exercised 1	520	169,619
Restricted stock awards 1	689,824	822,614

Treasury shares purchased 2	1,684,522	–
End of period	154,473,141	155,455,283

1 Shares issued upon exercise of stock options and award of restricted stock are less withholding for statutory income taxes owed upon issuance of shares.

2 Details of the capital allocation framework can be found as part of the Company’s Form 8-K filed on August 4, 2022.

On August 4, 2022, the Company’s Board of Directors authorized a share repurchase program of up to $300 million of the Company’s Common Stock. This repurchase program has no time limit and may be suspended or discontinued completely at any time without prior notice as determined by the Company at its discretion and dependent upon a variety of factors. During the three and nine months ended September 30, 2023, the Company repurchased 1,684,522 shares of its Common Stock under the share repurchase program for $75.8 million, including excise taxes, commissions and fees.

Subsequent to the third quarter of 2023, the Company’s Board of Directors authorized an increase to the share repurchase program by an additional $300 million, bringing the total amount allowed to be repurchased under the program to $600 million, and has $525 million remaining available to repurchase.