XML 33 R20.htm IDEA: XBRL DOCUMENT v3.22.0.1
Common Stock
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Common Stock

10. Common Stock

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 2021 and 2020 were as follows:

 

 

 

Common Shares

 

 

 

Treasury Shares

 

 

 

2021

 

 

 

2020

 

 

 

2021

 

 

 

2020

 

Balance at the beginning of the year

 

 

138,660,154

 

 

 

 

139,555,487

 

 

 

 

45,406,158

 

 

 

 

42,335,315

 

Stock plan shares issued

 

 

1,250,550

 

 

 

 

2,175,510

 

 

 

 

—

 

 

 

 

—

 

Shares surrendered by optionees

 

 

(144,280

)

 

 

 

(159,089

)

 

 

 

144,280

 

 

 

 

159,089

 

Common stock repurchases

 

 

(4,702,128

)

 

 

 

(2,911,754

)

 

 

 

4,702,128

 

 

 

 

2,911,754

 

Balance at the end of the year

 

 

135,064,296

 

 

 

 

138,660,154

 

 

 

 

50,252,566

 

 

 

 

45,406,158

 

 

At December 31, 2021, 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 2021, we repurchased 4.7 million shares of outstanding common stock under the Company’s share repurchase program for $447.7 million. As of December 31, 2021, the Company’s total remaining share repurchase authorization under the remaining program was approximately $414.7 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.