Shareholders' Equity

9 Months Ended

Sep. 30, 2021

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,
	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		57,235,807		57,076,410
Shares outstanding		32,288,149		32,276,787
Treasury stock
Shares held		24,947,658		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 nine months ended September 30, 2021, 148,035 shares of common stock were repurchased for $4,939. During the nine months ended September 30, 2020, 342,731 shares of common stock were repurchased for $8,080. Approximately $45,061 is available for future purchases.

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

	Nine months ended
	September 30,			September 30,
	2021			2020
Balance at the beginning of the year		32,276,787			32,472,406
Repurchases		(148,035	)		(342,731	)
Restricted share issuances		159,397			138,276
Balance at the end of the period		32,288,149			32,267,951

Certain potentially dilutive restricted stock units are excluded from diluted (loss) earnings per share because they are anti-dilutive. The number of outstanding awards that were anti-dilutive for the nine months ended September 30, 2021 and 2020 were 1,029 and 68,198, respectively. There were 462 anti-dilutive awards outstanding for the three months ended September 30, 2021 and no anti-dilutive awards outstanding the three months ended September 30, 2020.