Capital Stock

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Capital Stock

(13) 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. The following is a schedule of changes in the number of common shares outstanding since the beginning of 2017:

	Year Ended December 31,
	2019			2018		2017
Beginning balance		249,510,022			248,129,430		247,144,356
Restricted stock grants		1,186,290			865,095		539,096
Restricted stock units vested		720,212			434,046		344,937
Performance stock units issued		12,747			76,149		85,461
Treasury shares		(1,798,468	)		5,302		15,580
Ending balance		249,630,803			249,510,022		248,129,430

Common Stock Dividends

The board of directors declared quarterly dividends of $0.02 per common share for each of the four quarters of 2019, 2018 and 2017. In January 2020, we announced that the board has suspended the dividend. The determination of the amount of future dividends, if any, to be declared and paid is at the sole discretion of the board of directors and will depend on our financial condition, earnings, capital requirements, levels of indebtedness, our future business prospects and other matters our board of directors deem relevant. Our bank credit facility and our senior subordinated notes allow for the payment of common dividends, with certain limitations, as described in the indentures governing each of our notes.

Stock Repurchase Program

In October 2019, the board of directors approved a new stock purchase program to acquire up to $100 million of our outstanding stock. The following is a schedule of change in treasury shares since the beginning of 2017:

	Year Ended December 31,
	2019			2018			2017
Beginning balance		9,665			14,967			30,547
Rabbi trust shares distributed and/or sold		(1,532	)		(5,302	)		(15,580	)
Shares repurchased		1,800,000			—			—
Ending balance		1,808,133			9,665			14,967