Common Stock

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Common Stock

11. Common Stock

The Company has 750 million authorized shares of common stock, par value $0.01 per share and 60 million authorized shares of preferred stock, par value $0.01 per share. The number of shares of common stock and treasury stock and the share activity for 2022 and 2021 were as follows:

	Common Shares						Treasury Shares
	2022			2021			2022		2021
Balance at the beginning of the year		135,064,296			138,660,154			50,252,566		45,406,158
Stock plan shares issued		856,175			1,250,550			—		—
Shares surrendered by optionees		(316,450	)		(144,280	)		316,450		144,280
Common stock repurchases		(7,563,462	)		(4,702,128	)		7,563,462		4,702,128
Balance at the end of the year		128,040,559			135,064,296			58,132,478		50,252,566

At December 31, 2022, no shares of our preferred stock were outstanding. Our Board of Directors has the authority, without action by the Company’s stockholders, to designate and issue our preferred stock in one or more series and to designate the rights, preferences, limitations and privileges of each series of preferred stock, which may be greater than the rights of the Company’s common stock.

In 2022, we repurchased 7.6 million shares of outstanding common stock under the Company’s share repurchase program for $580.1 million. As of December 31, 2022, the Company’s total remaining share repurchase authorization under the remaining program was approximately $584.6 million. The share repurchase program does not obligate the Company to repurchase any specific dollar amount or number of shares and may be suspended or discontinued at any time.