Equity Transactions

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Equity Transactions

Equity Transactions 

Common Stock

Changes in the number of shares of common stock outstanding are as follows for the periods presented:

	December 31,
	2022	2021	2020
Shares of common stock outstanding, beginning	55,754,113	57,967,808	59,945,893
Vested restricted stock and restricted stock units, net (1)	179,434	214,116	213,569
Issuance related to performance share units (1)	147,546	91,845	157,155
Issuance related to ESPP	96,846	113,555	90,166
Issuance related to MCPS	—	2,703,911	—
Shares of common stock repurchased	(3,347,558)	(5,337,122)	(2,438,975)
Shares of common stock outstanding, ending	52,830,381	55,754,113	57,967,808

(1)Vested restricted stock, restricted stock units and performance share units are shown net of shares of common stock retired to cover participant income tax liabilities.

The Company is authorized to issue 800,000,000 shares of common stock. In addition, 150,001 shares of Class B common stock and 400,001 shares of Class C common stock are authorized but have not been issued.

Stock Repurchase

In January and May 2021, the Company’s Board of Directors (the “Board”) authorized the Company to repurchase up to $600.0 million and $900.0 million, respectively, aggregate cost at purchase of its outstanding common stock.

During the year ended December 31, 2022, the Company repurchased 3,347,558 shares of the Company’s outstanding common stock at a cost of $567.6 million, exclusive of commissions, leaving $274.5 million remaining under the May 2021 repurchase authorization at December 31, 2022. During the years ended December 31, 2021 and 2020, the Company repurchased 5,337,122 and 2,438,975 shares of the Company’s outstanding common stock at a cost, exclusive of commissions, of $844.4 million and $299.8 million, respectively.

The timing and the amount of future repurchases will depend on market conditions, the Company’s financial condition, results of operations and liquidity and other factors.

Mandatory Convertible Preferred Stock

In March 2018, the Company issued 2,875,000 shares of the MCPS, with a par value of $1.00 per share, at a public offering price of $100.00 per share. Each outstanding share of MCPS converted in March 2021 into 0.9405 of common stock, or 2,703,911 common stock in total plus an immaterial amount of cash in lieu of fractional shares. The Company used a portion of its treasury stock for the common stock, using the average cost method to account for the reissuance of such shares.

Dividends on the MCPS were payable on a cumulative basis when, as and if declared, at an annual rate of 6.50% of the liquidation preference of $100.00 per share. The Company paid preferred stock dividends of $4.7 million for the year ended December 31, 2021.