Shareholders' Equity

6 Months Ended

Jun. 30, 2021

NOTE 15 – Shareholders’ Equity

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

	As of
	June 30,		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		57,235,379		57,076,410
Shares outstanding		32,435,756		32,276,787
Treasury stock
Shares held		24,799,623		24,799,623

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 six months ended June 30, 2021, no shares of common stock were repurchased. During the six months ended June 30, 2020, 342,731 shares of common stock were repurchased for $8,080. Approximately $50,000 is available for future purchases.

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

	Six Months Ended
	June 30,		June 30,
	2021		2020
Balance at the beginning of the year		32,276,787		32,472,406
Repurchases		—		(342,731	)
Restricted share issuances		158,969		137,632
Balance at the end of the period		32,435,756		32,267,307

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 June 30, 2021 and 2020 were 93 and 84,720, respectively. The number of outstanding awards that were anti-dilutive for the six months ended June 30, 2021 and 2020 were 46,810 and 61,780, respectively.