Shareholders Equity

6 Months Ended

Jun. 30, 2024

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 six months ended June 30, 2024 and 2023 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, 2023	75.4	$	0.8	$	1,119.8	$	16.4	$	1,025.5	$	25.2	$	(200.1)	$	9.4
Net income	—	—		—		—		25.5		—		—		—
Share-based compensation cost	—	—		8.0		—		—		—		—		—


Net changes in pension and other postretirement benefits	—	—		—		—		—		(0.2)		—		—
Shares withheld for taxes on vesting of share-based awards	—	—		(0.1)		—		—		—		—		—
Net other comprehensive income	—	—		—		—		—		0.1		—		—
BALANCE, March 31, 2024	75.4	$	0.8	$	1,127.7	$	16.4	$	1,051.0	$	25.1	$	(200.1)	$	9.4
Net income	—	—		—		—		149.6		—		—		1.2
Share-based compensation cost	—	—		7.4		—		—		—		—		—
Net changes in pension and other postretirement benefits	—	—		—		—		—		(0.2)		—		—


Shares withheld for taxes on vesting of share-based awards	—	—		(0.3)		—		—		—		—		—
Net other comprehensive loss	—	—		—		—		—		(0.6)		—		—
BALANCE, June 30, 2024	75.4	$	0.8	$	1,134.8	$	16.4	$	1,200.6	$	24.3	$	(200.1)	$	10.6


	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

Share Repurchase Program

In 2022, our board of directors authorized a share repurchase program (the "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 and in February 2024, authorized a further increase to $600.0 million. The Share Repurchase Program does not have a fixed expiration, may be modified, suspended or discontinued at any time and any repurchases made pursuant to the Share Repurchase Program are subject to compliance with applicable covenants and restrictions under our financing agreements. There were no share repurchases during the three and six months ended June 30, 2024. During the three and six months ended June 30, 2023, we repurchased 1.1 million shares at an aggregate cost of $65.0 million, exclusive of fees, at an average price of $58.82 per share. As of June 30, 2024, we had approximately $400.0 million available for share repurchases pursuant to the Share Repurchase Program.