Shareholders' Equity

9 Months Ended

Sep. 30, 2020

NOTE 14 – Shareholders’ Equity

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

	As of
	September 30,		December 31,
	2020		2019
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		57,067,574		56,929,298
Shares outstanding		32,267,951		32,472,406
Treasury stock
Shares held		24,799,623		24,456,892

On February 7, 2019, the Board of Directors authorized a new stock repurchase program with a maximum dollar limit of $25,000 in stock repurchases, which replaced the previous program. During the nine months ended September 30, 2020 and 2019, 342,731 and 286,726 shares of common stock were repurchased for $8,080 and $8,045, respectively. Approximately $5,740 is available for future purchases.

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

	Nine months ended
	September 30,			September 30,
	2020			2019
Balance at the beginning of the year		32,472,406			32,750,727
Repurchases		(342,731	)		(286,726	)
Restricted share issuances		138,276			137,888
Balance at the end of the period		32,267,951			32,601,889

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, 2020 and 2019 were 68,198 and 20,273, respectively. There were no anti-dilutive awards outstanding for the three months ended September 30, 2020 and the three months ended September 30, 2019.