XML 32 R22.htm IDEA: XBRL DOCUMENT v3.22.2.2
Shareholders' Equity
9 Months Ended
Sep. 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

 

 

 

September 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

 

 

57,310,837

 

 

 

57,245,060

 

Shares outstanding

 

 

31,860,064

 

 

 

32,178,715

 

Treasury stock

 

 

 

 

 

 

Shares held

 

 

25,450,773

 

 

 

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 nine months ended September 30, 2022, 52,000 and 384,428 shares of common stock were repurchased for $1,778 and $13,446, respectively. During the three and nine months ended September 30, 2021, there were 148,035 shares of common stock that were repurchased for $4,939. As of September 30, 2022, approximately $27,768 remains available for future purchases.

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

 

 

 

Nine months ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2022

 

 

2021

 

Balance at the beginning of the year

 

 

32,178,715

 

 

 

32,276,787

 

Repurchases

 

 

(384,428

)

 

 

(148,035

)

Restricted share issuances

 

 

65,777

 

 

 

159,397

 

Balance at the end of the period

 

 

31,860,064

 

 

 

32,288,149

 

 

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 and nine months ended September 30, 2022 were 393 and 950, respectively. The number of outstanding awards that were anti-dilutive for the three and nine months ended September 30, 2021 were 462 and 1,029, respectively.