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Capital Stock
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Capital Stock

(11) Capital Stock

We have authorized capital stock of 485.0 million shares, which includes 475.0 million shares of common stock and 10.0 million shares of preferred stock. The following is a schedule of changes in the number of common shares outstanding since the beginning of 2023:

 

Year Ended December 31,

 

 

2024

 

 

2023

 

Beginning balance

 

241,040,304

 

 

 

238,885,730

 

Restricted stock grants

 

24,186

 

 

 

50,238

 

Restricted stock units vested

 

1,192,633

 

 

 

1,755,345

 

Performance stock units vested

 

455,317

 

 

 

1,057,245

 

Performance stock dividends

 

6,914

 

 

 

6,276

 

Treasury shares

 

(2,050,000

)

 

 

(714,530

)

Ending balance

 

240,669,354

 

 

 

241,040,304

 

Common Stock Dividends

The payment of dividends is subject to the formal declaration by the board of directors. The determination of the amount of future dividends, if any, to be declared and paid is at the sole discretion of the board of directors and will depend on our financial condition, earnings, capital requirements, levels of indebtedness, our future business prospects and other matters our board of directors deems relevant. Our bank credit facility allows for the payment of common dividends, with certain limitations, as described in the facility agreement.

Stock Repurchase Program

In October 2019, the board of directors approved a stock repurchase program which was increased in size in 2022. Under this program, we may repurchase shares of our common stock in open market transactions, from time to time, in accordance with applicable SEC rules and federal securities laws. In 2024, we repurchased 2,050,000 shares at an aggregate value of $65.3 million. As of December 31, 2024, we have approximately $1.0 billion of remaining authorization under this program. The following is a schedule of the change in treasury shares since the beginning of 2023:

 

 

Year Ended December 31,

 

 

2024

 

 

2023

 

Beginning balance

 

24,716,065

 

 

 

24,001,535

 

Rabbi trust shares distributed/sold

 

—

 

 

 

(470

)

Shares repurchased

 

2,050,000

 

 

 

715,000

 

Ending balance

 

26,766,065

 

 

 

24,716,065