Common Stock Issued and Outstanding

12 Months Ended

Dec. 31, 2023

Note R – Common Stock Issued and Outstanding

Activity in the number of shares of common stock issued and outstanding for each of the three years presented is shown below.


(Number of shares outstanding)	2023	2022	2021
Beginning of year	155,467,319	154,463,050	153,598,625
Stock options exercised 1	2,657	181,655	32,554
Restricted stock awards 1	689,824	822,614	831,871

Treasury shares purchased	(3,411,158)	–	–
End of year	152,748,642	155,467,319	154,463,050

1 Shares issued upon exercise of stock options and award of restricted stock are less than the amount reflected in Note I due to withholdings for statutory income taxes owed upon issuance of shares.

On August 4, 2022, the Board authorized a share repurchase program of up to $300 million of the Company’s common stock. During 2023, the Board authorized an increase to the program, bringing the total amount allowed to be repurchased under the program to $600 million. 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. The share repurchase program is a component of the Company’s capital allocation framework, the details of which can be found as part of the Company’s Form 8-K filed on August 4, 2022.

During the year ended December 31, 2023, the Company repurchased 3,411,158 shares of its common stock under the share repurchase program for $151.2 million, including excise taxes, commissions and fees. As of December 31, 2023, the Company had $450 million remaining available to repurchase.