Capital Stock

12 Months Ended

Dec. 31, 2020

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


	2020	2019	2018
Common shares outstanding at January 1	135,577,878	135,173,948	134,275,609
Shares repurchased	(1,240,328)	(106,388)	(92,167)
Shares issued upon exercise of employee stock options	—	70,000	—
Restricted stock issued to employees, net of forfeitures	439,700	416,695	958,672
Shares issued to non-employee directors	23,780	23,623	31,834
Common shares outstanding at December 31	134,801,030	135,577,878	135,173,948

In 2021, the Company announced plans to initiate a regularly quarterly dividend beginning in the first quarter of 2021. On February 25, 2021, the Company's Board of Directors declared a dividend of $0.20 per share payable on March 25, 2021 to shareholders of record as of March 11, 2021. In addition, the Company's Board of Directors authorized the repurchase of an aggregate amount of $1.5 billion of Company common stock through the end of 2023. Share repurchases under the Company's program may be made in the open market or through privately negotiated transactions, and at times and in such amounts as management deems appropriate. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements and other market conditions.

The Company is not obligated to acquire any shares of its common stock and the share repurchase program may be suspended or terminated at any time at the Company's discretion. Share repurchases are subject to the terms of the Company's debt agreements, market conditions and other factors. The repurchased shares, if any, are expected to be used for the Company's stock-based benefit plans, as required, and to offset dilution resulting from the issuance of shares thereunder.

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.