Capital Stock

6 Months Ended

Jun. 30, 2021

Common Stock

At June 30, 2021, we had 100 million shares of common stock authorized and 49.8 million shares issued and outstanding.

Dividends

We paid regular quarterly dividends on our common stock during the last two years. On July 9, 2021, the Board of Directors declared a regular quarterly dividend of 20 cents per share on our common stock, payable on September 1, 2021 to shareholders of record on July 26, 2021. The payment of future dividends is at the discretion of the Board of Directors and is dependent on our future earnings, financial condition, shareholder equity levels, cash flow, business requirements and other factors.

Preferred Stock

At June 30, 2021, we had the authority to issue up to 2.0 million shares of preferred stock with a par value of $10 per share.

Share Repurchase Program

On February 6, 2020, our Board of Directors authorized a $250 million share repurchase program that expires on December 31, 2021. Under the $250 million repurchase program, we are not obligated to repurchase any specific dollar amount or number of shares. The timing and volume of share repurchases may be executed at the discretion of management on an opportunistic basis, or pursuant to trading plans or other arrangements. Share repurchases under this program may be made in the open market, in privately negotiated transactions, or otherwise.

At June 30, 2021, $200 million remained available under the $250 million repurchase program.

Shares Used to Calculate Earnings per Share


	Three Months Ended June 30,		Six Months Ended June 30,
(In millions)	2021	2020	2021	2020

Weighted-average shares:
Basic(a)	50.0	50.8	49.9	50.7
Effect of dilutive stock awards and options	0.5	0.2	0.6	0.5
Diluted	50.5	51.0	50.5	51.2

Antidilutive stock awards and options excluded from denominator	0.2	0.8	0.2	0.6

(a)We have deferred compensation plans for directors and certain of our employees. Some amounts owed to participants are denominated in common stock units. Each unit represents one share of common stock. The number of shares used to calculate basic earnings per share includes the weighted-average common stock units credited to employees and directors under the deferred compensation plans. Additionally, nonvested units containing only a service requirement are also included in the computation of basic weighted-average shares when the requisite service period has been completed. Accordingly, included in basic shares are 0.3 million in the three months and 0.3 million in the six months ended June 30, 2021, and 0.3 million in the three months and 0.3 million in the six months ended June 30, 2020.