Shareholders' Equity

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

Shareholders' Equity

NOTE 16 — Shareholders' Equity

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

	As of 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		57,444,228		57,330,761
Shares outstanding		30,824,248		31,680,890
Treasury stock
Shares held		26,619,980		25,649,871

On February 9, 2023, our Board of Directors approved a share repurchase program that authorized the Company to repurchase up to $50,000 of the Company’s common stock. The repurchase program had no set expiration date and replaced the repurchase program approved by the Board of Directors on May 13, 2021. The purchases under the program were made from time to time in the open market (including, without limitation, the use of Rule 10b5-1 plans), depending on a number of factors, including our evaluation of general market and economic conditions, our financial condition and the trading price of our common stock. The repurchase program could have been extended, modified, suspended or discontinued at any time.

During the year ended December 31, 2023, 970,109 shares of common stock were repurchased for approximately $41,337, including 96,401 shares that were repurchased for approximately $4,245 under the May 2021 program. As of December 31, 2023 approximately $12,908 was still available for future purchases under the February 2023 program.

As of 2023, we are subject to a 1% excise tax on stock repurchases under the United States Inflation Reduction Act of 2022 which we include in the cost of stock repurchases as a reduction of shareholders’ equity. As of December 31, 2023, we accrued $359 for 2023 repurchases within Accrued expenses and other liabilities in the Consolidated Balance Sheet.

On February 2, 2024, our Board of Directors approved a new share repurchase program that authorizes the Company to repurchase up to $100 million of its common stock. The repurchase program has no set expiration date and supersedes and replaces the repurchase program approved by the Board of Directors in February 2023. The purchases may be made from time to time in the open market (including, without limitation, the use of Rule 10b5-1 plans), depending on a number of factors, including our evaluation of general market and economic conditions, our financial condition and the trading price of our common stock. The repurchase program may be extended, modified, suspended or discontinued at any time.

A roll forward of common shares outstanding is as follows:

	As of December 31,
	2023			2022
Balance at beginning of the year		31,680,890			32,178,715
Repurchases		(970,109	)		(583,526	)
Restricted stock unit issuances		113,467			85,701
Balance at end of period		30,824,248			31,680,890