Shareholders' Equity

6 Months Ended

Jun. 30, 2022

Stockholders' Equity Note [Abstract]

Shareholders' Equity

NOTE 15 – Shareholders’ Equity

Share count and par value data related to shareholders’ equity are as follows:

	As of
	June 30,		December 31,
	2022		2021
Preferred Stock
Par value per share	No par value		No par value
Shares authorized		25,000,000		25,000,000
Shares outstanding		—		—
Common Stock
Par value per share	No par value		No par value
Shares authorized		75,000,000		75,000,000
Shares issued		57,310,174		57,245,060
Shares outstanding		31,911,401		32,178,715
Treasury stock
Shares held		25,398,773		25,066,345

On May 13, 2021, the Board of Directors approved a new share repurchase program that authorizes the Company to repurchase up to $50,000 of the Company’s common stock. The repurchase program has no set expiration date and replaces the repurchase program approved by the Board of Directors on February 7, 2019. During the three and six months ended June 30, 2022, 216,252 and 332,428 shares of common stock were repurchased for $7,748 and $11,668, respectively. During the three and six months ended June 30, 2021, there were no shares of common stock that were repurchased. As of June 30, 2022, approximately $29,546 remains available for future purchases.

A roll-forward of common shares outstanding is as follows:

	Six months ended
	June 30,			June 30,
	2022			2021
Balance at the beginning of the year		32,178,715			32,276,787
Repurchases		(332,428	)		—
Restricted share issuances		65,114			158,969
Balance at the end of the period		31,911,401			32,435,756

Certain potentially dilutive restricted stock units are excluded from diluted earnings per share because they are anti-dilutive. The number of outstanding awards that were anti-dilutive for the three months ended June 30, 2022 and 2021 were 2,500 and 93, respectively. The number of outstanding awards that were anti-dilutive for the six months ended June 30, 2022 and 2021 were 2,500 and 46,810, respectively