Common Stock Issued and Outstanding

3 Months Ended

Mar. 31, 2024

Note O – Common Stock Issued and Outstanding

Activity in the number of shares of common stock issued and outstanding for the three-month periods ended March 31, 2024 and 2023 is shown below.


(Number of shares outstanding)	March 31, 2024	March 31, 2023
Beginning of period	152,748,642	155,467,319

Restricted stock awards 1	1,100,759	630,756

Treasury shares purchased	(1,273,245)	–
End of period	152,576,156	156,098,075

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.

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. On October 30, 2023, the Company 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. 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 three months ended March 31, 2024, the Company repurchased 1.3 million shares of its common stock under the share repurchase program for $50.0 million, including excise taxes, commissions and fees. As of March 31, 2024, the Company has $400 million of its common stock remaining available to repurchase under the program.