Common Stock Issued and Outstanding

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Common Stock Issued and Outstanding

Note O – Common Stock Issued and Outstanding

Activity in the number of shares of common stock issued and outstanding for the nine-month periods ended September 30, 2024 and 2023 is shown below.

(Number of shares outstanding)	September 30, 2024	September 30, 2023
Beginning of period	152,748,642	155,467,319
Stock options exercised 1	–	520
Restricted stock awards 1	1,103,503	689,824
Treasury shares purchased	(8,008,786)	(1,684,522)
End of period	145,843,359	154,473,141

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.

The Company’s Board of Directors has authorized a share repurchase program whereby the Company can repurchase up to $1,100.0 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 nine months ended September 30, 2024, the Company repurchased 8.0 million shares of its common stock under the share repurchase program for $300.0 million ($302.7 million including excise taxes and fees). As of September 30, 2024, the Company had $650.1 million of its common stock remaining available to repurchase under the program.

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 and August 8, 2024.