EQUITY

3 Months Ended

Mar. 31, 2021

NOTE 11. EQUITY

The following table summarizes the components of shareholders’ equity and the changes therein during the three months ended March 31, 2021 and (in millions, except share information):


	Common Stock		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Equity
Balance at December 31, 2020	$	0.5	$	75.4	$	417.7	$	(45.8)	$	447.8
Net loss	—		—		(1.9)		—		(1.9)
Other comprehensive loss	—		—		—		(4.3)		(4.3)
Stock-based compensation, net (1)	—		4.2		—		—		4.2
Dividends declared on preferred stock (2)	—		—		(1.8)		—		(1.8)
Dividends declared on common stock ($0.06 per share)	—		—		(3.1)		—		(3.1)
Purchase of common stock (277,043 shares)	—		(4.4)		—		—		(4.4)

Balance at March 31, 2021	$	0.5	$	75.2	$	410.9	$	(50.1)	$	436.5

(1) Effective February 12, 2021, the Company amended the terms of market-based restricted stock units (“MBRSUs”) granted in February 2018 by (i) eliminating the third year of the contractual three-year performance period and (ii) reducing by 50% the number of shares that were earned on the basis of the resultant two-year performance period. The modified MBRSUs were revalued at fair market value on the modification date, which resulted in an incremental cost of $0.7 million during the first quarter of 2021. The change in equity during the first quarter of 2021 attributable to stock-based compensation, net, reflects this modification.

(2)The Company exercised its payable in kind (“PIK”) dividend option in connection with the dividend paid on March 31, 2021.

The following table summarizes the change in the number of shares of common stock outstanding during the three months ended March 31, 2021 (table in thousands and is inclusive of restricted shares):


Shares outstanding as of December 31, 2020						50,645
Shares issued under stock incentive plans, net of awards surrendered to pay applicable taxes						168

Shares outstanding as of March 31, 2021						50,813

The following table summarizes the components of shareholders’ equity and the changes therein during the three months ended March 31, 2020 (in millions, except share information):


	Common Stock		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Equity
Balance at December 31, 2019	$	0.5	$	66.8	$	429.7	$	(69.4)	$	427.6
Net earnings	—		—		10.9		—		10.9
Other comprehensive loss	—		—		—		(23.9)		(23.9)
Stock-based compensation, net	—		1.6		—		—		1.6
Dividends declared ($0.17 per share)	—		—		(8.5)		—		(8.5)
Purchase of common stock (154,012 shares)	—		(4.0)		—		—		(4.0)

Balance at March 31, 2020	$	0.5	$	64.4	$	432.1	$	(93.3)	$	403.7

The following table summarizes the change in the number of shares of common stock outstanding during the three months ended March 31, 2020 (table in thousands and is inclusive of restricted shares):


Shares outstanding as of December 31, 2019						49,775
Shares issued under stock incentive plans, net of awards surrendered to pay applicable taxes						874

Shares outstanding as of March 31, 2020						50,649