Capital Stock and Earnings Per Share

12 Months Ended

Dec. 31, 2021

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:


	2021	2020
Common stock shares:
Authorized	800,000,000	800,000,000
Issued	169,364,686	168,503,526
Outstanding	153,569,061	152,930,740

Treasury stock shares	15,795,625	15,572,786

There were no discretionary share repurchases during the years ended December 31, 2021 and 2020. Discretionary share repurchases during the year ended December 31, 2019 were $286.7 million or 8.2 million shares. Share repurchases of common stock that employees surrendered to satisfy withholding taxes in connection with the vesting of restricted stock units (RSUs) and performance shares were $11.6 million or 0.3 million shares, $8.0 million or 0.3 million shares, and $9.8 million or 0.3 million shares during the years ended December 31, 2021, 2020 and 2019, respectively, discussed further in Note 17.

The Company paid cash dividends of $0.60, $0.44, and $1.50 per share during the years ended December 31, 2021, 2020, and 2019, 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):


	2021		2020		2019
Net income	$	650,024	$	1,298	$	423,635

Basic weighted-average shares outstanding	153,747		153,186		157,054
Effect of dilutive securities – employee stock compensation plan	1,233		722		750
Diluted weighted-average shares outstanding	154,980		153,908		157,804
Earnings per share:
Basic	$	4.23	$	0.01	$	2.70
Diluted	$	4.19	$	0.01	$	2.68

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 0.5 million, 1.4 million and 1.1 million shares during 2021, 2020 and 2019, respectively.