Shareholders' Equity

9 Months Ended

Sep. 30, 2023

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,
	2023		2022
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		57,440,235		57,330,761
Shares outstanding		31,206,185		31,680,890
Treasury stock
Shares held		26,234,516		25,649,871

On February 9, 2023, 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 May 13, 2021. During the three and nine months ended September 30, 2023, 188,658 and 584,645 shares of common stock were repurchased for $8,328 and $25,890, respectively. 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. As of September 30, 2023, approximately $28,403 remains available for future purchases.

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

	Nine months ended
	September 30,			September 30,
	2023			2022
Balance at the beginning of the year		31,680,890			32,178,715
Repurchases		(584,645	)		(384,428	)
Restricted share issuances		109,940			65,777
Balance at the end of the period		31,206,185			31,860,064

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 nine months ended September 30, 2023 was 911. The number of outstanding awards that were anti-dilutive for the three and nine months ended September 30, 2022 were 393 and 950, respectively. There were no anti-dilutive shares for the three months ended September 30, 2023.