Common Stock Issued and Outstanding

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Common Stock Issued and Outstanding

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)	2024	2023	2022
Beginning of year	152,748,642	155,467,319	154,463,050
Stock options exercised  1	—	2,657	181,655
Restricted stock awards  1	1,105,268	689,824	822,614
Treasury shares purchased	(8,008,786)	(3,411,158)	—
End of year	145,845,124	152,748,642	155,467,319

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.

The Company’s Board of Directors has authorized a share repurchase program whereby the Company can repurchase up to $1,100.0 million of its 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 year ended December 31, 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 December 31, 2024, the Company had $650.1 million of its common stock remaining available to repurchase under the program.

Subsequent to year end, as of February 25, 2025, the Company repurchased 3.4 million shares of its common stock in open-market transactions for $95.1 million, excluding taxes and fees. As of this date, the Company had $555.0 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 Form 8-K filed on August 8, 2024.