Shareholders Equity

9 Months Ended

Sep. 30, 2023

Statement of Stockholders' Equity [Abstract]

Shareholders' Equity and Share-based Payments [Text Block]

Shareholders' Equity

Activity in our various shareholders' equity accounts for the three and nine months ended September 30, 2023 and 2022 were as follows (in millions):


	Shares Issued	Par Value		Additional Paid-in Capital		Warrants		Retained Earnings		AOCI		Treasury Shares		Non-controlling Interest
BALANCE, December 31, 2022	75.2	$	0.8	$	1,097.9	$	16.4	$	160.1	$	14.7	$	—	$	8.0
Net income	—	—		—		—		46.7		—		—		1.9
Share-based compensation cost	—	—		5.7		—		—		—		—		—
Net changes in pension and other postretirement benefits	—	—		—		—		—		(0.1)		—		—
Net other comprehensive loss	—	—		—		—		—		(0.1)		—		—
BALANCE, March 31, 2023	75.2	$	0.8	$	1,103.6	$	16.4	$	206.8	$	14.5	$	—	$	9.9
Net income (loss)	—	—		—		—		(29.4)		—		—		2.1
Share-based compensation cost	—	—		7.0		—		—		—		—		—
Repurchase of Common Shares	—	—		—		—		—		—		(65.0)		—
Net changes in pension and other postretirement benefits	—	—		—		—		—		(0.1)		—		—
Shares withheld for taxes on vesting of share-based awards	—	—		(0.3)		—		—		—		—		—
Net other comprehensive loss	—	—		—		—		—		(0.2)		—		—
BALANCE, June 30, 2023	75.2	$	0.8	$	1,110.3	$	16.4	$	177.4	$	14.2	$	(65.0)	$	12.0
Net income	—	—		—		—		12.9		—		—		4.1
Share-based compensation cost	—	—		6.8		—		—		—		—		—
Shares issued under share-based compensation plans, net	0.2	—		—		—		—		—		—		—
Repurchase of Common Shares	—	—		—		—		—		—		(85.0)		—
Net changes in pension and other postretirement benefits	—	—		—		—		—		(0.1)		—		—
Shares withheld for taxes on vesting of share-based awards	—	—		(4.9)		—		—		—		—		—
Net other comprehensive income	—	—		—		—		—		0.1		—		—
BALANCE, September 30, 2023	75.4	$	0.8	$	1,112.2	$	16.4	$	190.3	$	14.2	(150.0)		$	16.1


	Shares Issued	Par Value		Additional Paid-in Capital		Warrants		Retained Earnings (Deficit)		AOCI		Non-controlling Interest
BALANCE, December 31, 2021	75.0	$	0.8	$	1,083.0	$	16.4	$	(16.4)	$	(9.1)	$	2.7
Net loss	—	—		—		—		(38.6)		—		(1.2)
Share-based compensation cost	—	—		3.4		—		—		—		—
Net other comprehensive loss	—	—		—		—		—		(0.3)		—
BALANCE, March 31, 2022	75.0	$	0.8	$	1,086.4	$	16.4	$	(55.0)	$	(9.4)	$	1.5
Net income	—	—		—		—		111.6		—		1.2
Net changes in pension and other postretirement benefits	—	—		—		—		—		(0.1)		—
Share-based compensation cost	—	—		3.5		—		—		—		—
Shares withheld for taxes on vesting of share-based awards	—	—		(0.2)		—		—		—		—
Net other comprehensive income	—	—		—		—		—		0.3		—
BALANCE, June 30, 2022	75.0	$	0.8	$	1,089.7	$	16.4	$	56.6	$	(9.2)	$	2.7
Net income	—	—		—		—		74.3		—		3.4
Share-based compensation cost	—	—		4.6		—		—		—		—
Shares withheld for taxes on vesting of share-based awards	—	—		(2.3)		—		—		—		—
Net other comprehensive income	—	—		—		—		—		0.1		—
BALANCE, September 30, 2022	75.0	$	0.8	$	1,092.0	$	16.4	$	130.9	$	(9.1)	$	6.1

Share Repurchase Program

In 2022, our board of directors authorized a share repurchase program under which we may purchase up to $100.0 million of our outstanding Common Shares. In April 2023, the board of directors authorized an increase of this amount to $300.0 million. The share repurchase program does not have a fixed expiration, may be modified, suspended or discontinued at any time and is subject to compliance with applicable covenants and restrictions under our financing agreements. During the three months ended September 30, 2023, we repurchased 1.2 million shares at an aggregate cost of $85.0 million at an average price of $73.30. During the nine months ended September 30, 2023, we repurchased 2.3 million shares at an aggregate cost of $150.0 million at an average price of $66.24.