The Company has 750 million authorized shares of common stock, par value $0.01 per share and 60 million authorized shares of preferred stock, par value $0.01 per share. The number of shares of common stock and treasury stock and the share activity for 2020 and 2019 were as follows:

	Common Shares						Treasury Shares
	2020			2019			2020		2019
Balance at the beginning of the year		139,555,487			140,498,981			42,335,315		40,110,623
Stock plan shares issued		2,175,510			1,281,198			—		—
Shares surrendered by optionees		(159,089	)		(185,141	)		159,089		185,141
Common stock repurchases		(2,911,754	)		(2,039,551	)		2,911,754		2,039,551
Balance at the end of the year		138,660,154			139,555,487			45,406,158		42,335,315

At December 31, 2020, no shares of our preferred stock were outstanding. Our Board of Directors has the authority, without action by the Company’s stockholders, to designate and issue our preferred stock in one or more series and to designate the rights, preferences, limitations and privileges of each series of preferred stock, which may be greater than the rights of the Company’s common stock.

In 2020, we repurchased 2.9 million shares of outstanding common stock under the Company’s share repurchase program for $187.6 million. As of December 31, 2020, the Company’s total remaining share repurchase authorization under the remaining program was approximately $462 million. The share repurchase program does not obligate the Company to repurchase any specific dollar amount or number of shares and may be suspended or discontinued at any time.

In December 2020, our Board of Directors declared a cash dividend of $0.26 per share of common stock, which represents an increase of 8% from the previous dividend.