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Capital Stock and Earnings Per Share | 12 Months Ended
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Dec. 31, 2020
Earnings Per Share [Abstract] |
Capital Stock and Earnings Per Share | Capital Stock and Earnings Per Share Capital Stock – The Company is authorized to issue 2,000,000 shares of preferred stock of $1.00 par value, none of which is outstanding. The Company's common stock has a par value of $0.01 per share. During 2020, the Company retired 15.0 million shares of its treasury stock. Share information regarding the Company's common stock at December 31, was as follows:
| 2020 |  | 2019
Common stock shares: |  |  |
Authorized | 800,000,000 |  |  | 800,000,000 |
Issued | 168,503,526 |  |  | 182,816,536 |
Outstanding | 152,930,740 |  |  | 152,468,442 |
Treasury stock shares | 15,572,786 |  |  | 30,348,094 |
There were no discretionary share repurchases during the year ended December 31, 2020. Discretionary share repurchases during the years ended December 31, 2019 and 2018 were $286.7 million or 8.2 million shares and $382.0 million or 9.2 million shares, respectively. Share repurchases of common stock that employees surrendered to satisfy withholding taxes in connection with the vesting of restricted stock units (RSUs) were $8.0 million or 0.3 million shares, $9.8 million or 0.3 million shares, and $8.6 million or 0.2 million shares during the years ended December 31, 2020, 2019 and 2018, respectively, discussed further in Note 17. The Company paid cash dividends of $0.44, $1.50, and $1.48 per share during the years ended December 31, 2020, 2019, and 2018, respectively. Earnings Per Share – The computation of basic and diluted earnings per share for the years ended December 31, was as follows (in thousands except per share amounts):
| 2020 |  | 2019 |  | 2018
Net income | $ | 1,298 |  |  | $ | 423,635 |  |  | $ | 531,451 |
Basic weighted-average shares outstanding | 153,186 |  |  | 157,054 |  |  | 165,672 |
Effect of dilutive securities – employee stock compensation plan | 722 |  |  | 750 |  |  | 832 |
Diluted weighted-average shares outstanding | 153,908 |  |  | 157,804 |  |  | 166,504 |
Earnings per share: |  |  |  |  |
Basic | $ | 0.01 |  |  | $ | 2.70 |  |  | $ | 3.21 |
Diluted | $ | 0.01 |  |  | $ | 2.68 |  |  | $ | 3.19 |
Shares of common stock related to share-based compensation that were not included in the effect of dilutive securities because the effect would have been anti-dilutive include 1.4 million, 1.1 million and 1.1 million shares during 2020, 2019 and 2018, respectively.

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