Capital Stock and Earnings Per Share

12 Months Ended

Dec. 31, 2020

Capital Stock – The Company is authorized to issue 2,000,000 shares of preferred stock of $1.00 par value, none of which is outstanding. The Company's common stock has a par value of $0.01 per share. During 2020, the Company retired 15.0 million shares of its treasury stock. Share information regarding the Company's common stock at December 31, was as follows:


	2020	2019
Common stock shares:
Authorized	800,000,000	800,000,000
Issued	168,503,526	182,816,536
Outstanding	152,930,740	152,468,442

Treasury stock shares	15,572,786	30,348,094

There were no discretionary share repurchases during the year ended December 31, 2020. Discretionary share repurchases during the years ended December 31, 2019 and 2018 were $286.7 million or 8.2 million shares and $382.0 million or 9.2 million shares, respectively. Share repurchases of common stock that employees surrendered to satisfy withholding taxes in connection with the vesting of restricted stock units (RSUs) were $8.0 million or 0.3 million shares, $9.8 million or 0.3 million shares, and $8.6 million or 0.2 million shares during the years ended December 31, 2020, 2019 and 2018, respectively, discussed further in Note 17.

The Company paid cash dividends of $0.44, $1.50, and $1.48 per share during the years ended December 31, 2020, 2019, and 2018, respectively.

Earnings Per Share – The computation of basic and diluted earnings per share for the years ended December 31, was as follows (in thousands except per share amounts):


	2020		2019		2018
Net income	$	1,298	$	423,635	$	531,451

Basic weighted-average shares outstanding	153,186		157,054		165,672
Effect of dilutive securities – employee stock compensation plan	722		750		832
Diluted weighted-average shares outstanding	153,908		157,804		166,504
Earnings per share:
Basic	$	0.01	$	2.70	$	3.21
Diluted	$	0.01	$	2.68	$	3.19

Shares of common stock related to share-based compensation that were not included in the effect of dilutive securities because the effect would have been anti-dilutive include 1.4 million, 1.1 million and 1.1 million shares during 2020, 2019 and 2018, respectively.