Shareholders' Equity

3 Months Ended

Mar. 31, 2022

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
	March 31,		December 31,
	2022		2021
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		57,305,743		57,245,060
Shares outstanding		32,123,222		32,178,715
Treasury stock
Shares held		25,182,521		25,066,345

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 three months ended March 31, 2022, 116,176 shares of common stock were repurchased for $3,920. During the three months ended March 31, 2021, there were no shares of common stock that were repurchased. As of March 31, 2022, approximately $37,295 remains available for future purchases.

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

	Three months ended
	March 31,			March 31,
	2022			2021
Balance at the beginning of the year		32,178,715			32,276,787
Repurchases		(116,176	)		—
Restricted share issuances		60,683			71,573
Balance at the end of the period		32,123,222			32,348,360

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, 2022 and 2021 were 38,384 and 35,167, respectively.