Capital Stock

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Capital Stock

(14) CAPITAL STOCK

We have authorized capital stock of 485.0 million shares which includes 475.0 million shares of common stock and 10.0 million shares of preferred stock. We currently have no preferred stock issued or outstanding. The following is a schedule of changes in the number of common shares outstanding since the beginning of 2021:

	Nine months Ended September 30, 2022			Year Ended December 31, 2021
Beginning balance		249,792,908			246,348,092
Restricted stock grants		670,728			1,293,892
Restricted stock units vested		1,827,625			1,493,341
Performance stock units issued		590,940			640,468
Performance stock dividends		1,843			13,966
Treasury shares		(10,600,389	)		3,149
Ending balance		242,283,655			249,792,908

Subsequent to third quarter 2022, we purchased approximately $17.3 million shares of our common stock through October 21, 2022.

Stock Repurchase Program

In 2019, the board of directors approved a stock purchase program to acquire up to $100.0 million of our outstanding common stock. In early 2022, our board authorized an additional repurchase of up to $430.0 million of our outstanding common stock for an aggregate available amount at that time of $500.0 million. On October 21, 2022, our board of directors authorized an additional repurchase of up to $1.0 billion for common stock repurchases. Under this program, we may repurchase shares in open market transactions, from time to time, in accordance with applicable SEC rules and federal securities laws. In first nine months 2022, we repurchased 10,810,000 shares at an aggregate cost of $313.9 million, including repurchases of $5.1 million (208,500 shares) that were purchased in September 2022 and settled in October 2022. The following is a schedule of the change in treasury shares for the three and nine months ended September 30, 2022:

	Three Months Ended September 30, 2022		Nine Months Ended September 30, 2022
Beginning balance		15,101,535		10,002,646
Rabbi trust shares distributed/sold		—		(1,111	)
Shares repurchased		5,710,000		10,810,000
Ending balance		20,811,535		20,811,535