CAPITAL STOCK

12 Months Ended

Dec. 31, 2021

Stockholders' Equity Note [Abstract]

CAPITAL STOCK

CAPITAL STOCK

CAPITAL STOCK

At December 31, 2021, our authorized capital stock consists of 400,000,000 shares of common stock, par value $0.01 per share, and 10,000,000 shares of preferred stock, par value of $0.01 per share.

TREASURY STOCK

On October 17, 2016, our Board of Directors authorized the repurchase by us of up to an aggregate of $300.0 million of our common stock by various means from time to time through and including December 31, 2021. Pursuant to this authorization, we did not repurchase any shares of our common stock in 2021. In 2020, we repurchased a total of 1,088,263 shares of our common stock at an average price per share of $32.96, for a total purchase price of $35.9 million. In 2019, we repurchased a total of 407,540 shares of our common stock at an average price per share of $29.70, for a total purchase price of $12.1 million.

In 2021, 2020 and 2019, we issued 576,232 treasury shares, 582,151 treasury shares and 1,301,777 treasury shares, respectively, at an average cost of $3.19 per share, $3.16 per share and $2.86 per share, respectively, for restricted stock units that vested during these years. In 2021, 2020 and 2019, we repurchased 223,030 shares, 217,325 shares and 543,369 shares of our common stock, respectively, at an average cost of $38.44 per share, $28.63 per share and $28.51 per share, respectively, in accordance with the Plan to satisfy employee withholding tax requirements resulting from certain restricted stock units becoming vested.

We account for treasury shares using the FIFO cost method. As of December 31, 2021, 64,702,267 shares of our common stock were held in treasury.