Shareholders' Equity

3 Months Ended

Mar. 31, 2021

NOTE 16 – Shareholders’ Equity

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

	As of
	March 31,		December 31,
	2021		2020
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		57,147,983		57,076,410
Shares outstanding		32,348,360		32,276,787
Treasury stock
Shares held		24,799,623		24,799,623

On February 7, 2019, the Board of Directors authorized a stock repurchase program with a maximum dollar limit of $25,000 in stock repurchases. During the three months ended March 31, 2021, no shares of common stock were repurchased. During the three months ended March 31, 2020, 220,731 shares of common stock were repurchased for $5,304. Approximately $5,740 is available for future purchases.

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

	Three months ended
	March 31,		March 31,
	2021		2020
Balance at the beginning of the year		32,276,787		32,472,406
Repurchases		—		(220,731	)
Restricted share issuances		71,573		94,232
Balance at the end of the period		32,348,360		32,345,907

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 March 31, 2021 and March 31, 2020 were 35,167 and 38,839, respectively.