Capital Stock

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Capital Stock

Capital Stock

Common Stock

Changes in outstanding common stock were as follows:

(In thousands of shares)	2021	2020	2019
Outstanding, beginning of year	107,588	106,697	106,363
Shares issued for exercise of options	—	—	281
Shares issued for time vested restricted stock (net of forfeitures)	1,368	740	53
Shares issued for employee stock purchase plan	375	151	—
Outstanding, end of year	109,331	107,588	106,697

Outstanding shares of common stock include shares held as treasury stock totaling 16,981,147, 16,781,150 and 16,958,418 as of December 31, 2021, 2020 and 2019, respectively.

Preferred Stock

We are authorized to issue up to 1,000,000 shares of preferred stock, $0.01 par value. There were no outstanding shares of preferred stock as of December 31, 2021, 2020 or 2019.

Treasury Stock

During 2021, 2020 and 2019, we repurchased 419,114, 153,151 and 381,041 shares, respectively, for an aggregate price of $1.4 million, $0.3 million and $2.7 million, respectively, representing employee shares surrendered in lieu of taxes under vesting of restricted stock awards. All of the shares repurchased are held as treasury stock.

During 2021, 2020 and 2019, we reissued 219,117, 330,419 and 1,491,408 shares of treasury stock pursuant to various stock plans.

Repurchase Program

In November 2018, our Board of Directors authorized changes to our securities repurchase program. These changes increased the authorized amount under the repurchase program to $100.0 million, available for repurchases of any combination of our common stock and our Convertible Notes.

Our repurchase program authorizes us to purchase outstanding shares of our common stock or Convertible Notes in the open market or as otherwise determined by management, subject to certain limitations under the ABL Facility and other factors. The repurchase program has no specific term. Repurchases are expected to be funded from operating cash flows, available cash on hand, and borrowings under our ABL Facility. As part of the share repurchase program, our management has been authorized to establish trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934. As of December 31, 2021, we had $23.8 million remaining under the program.

During 2021, we repurchased $28.3 million of our Convertible Notes in the open market under the repurchase program for a total cost of $28.1 million. During 2020, we repurchased $33.1 million of our Convertible Notes in the open market under the repurchase program for a total cost of $29.1 million. There were no Convertible Notes repurchased under the program during 2019.

There were no shares of common stock repurchased under the repurchase program during 2021 or 2020. During 2019, we repurchased an aggregate of 2,537,833 shares of our common stock under our repurchase program for a total cost of $19.0 million.