Capital Stock

12 Months Ended

Dec. 31, 2019

A summary of common share activity for the years ended December 31 follows (in shares):



	2019		2018		2017
Common shares outstanding at January 1	135,173,948		134,275,609		139,840,228
Shares repurchased	(106,388	)	(92,167	)	(6,157,010	)
Shares issued upon exercise of employee stock options	70,000		—		299,050
Restricted stock issued to employees, net of forfeitures	416,695		958,672		269,025
Shares issued to non-employee directors	23,623		31,834		24,316
Common shares outstanding at December 31	135,577,878		135,173,948		134,275,609

The Board of Directors has the authority to issue, at any time or from time to time, up to 30 million shares of preferred stock and has authority to fix the designations, number and voting rights, preferences, privileges, limitations, restrictions, conversion rights and other special or relative rights, if any, of any class or series of any class of preferred stock that may be desired, provided the shares of any such class or series of preferred stock shall not be entitled to more than one vote per share when voting as a class with holders of the Company's common stock.

The Company’s ability to pay dividends and repurchase its common stock is limited by certain restrictions in its debt agreements. These restrictions are subject to a number of exceptions, however, allowing the Company to make otherwise restricted payments.