Capital Stock and Earnings Per Share

12 Months Ended

Dec. 31, 2022

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:


	2022	2021
Common stock shares:
Authorized	800,000,000	800,000,000
Issued	170,400,212	169,364,686
Outstanding	145,862,632	153,569,061

Treasury stock shares	24,537,580	15,795,625

Discretionary share repurchases during the year ended December 31, 2022 were $324.5 million or 8.4 million shares. There were no discretionary share repurchases during the years ended December 31, 2021 and 2020. 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 $14.2 million or 0.4 million shares, $11.6 million or 0.3 million shares, and $8.0

million or 0.3 million shares during the years ended December 31, 2022, 2021 and 2020, respectively, as discussed further in Note 17.

The Company paid cash dividends of $0.63, $0.60, and $0.44 per share during the years ended December 31, 2022, 2021, and 2020, 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):


	2022		2021		2020
Net income attributable to Harley-Davidson, Inc.	$	741,408	$	650,024	$	1,298

Basic weighted-average shares outstanding	148,012		153,747		153,186
Effect of dilutive securities – employee stock compensation plan	1,339		1,233		722
Diluted weighted-average shares outstanding	149,351		154,980		153,908
Earnings per share:
Basic	$	5.01	$	4.23	$	0.01
Diluted	$	4.96	$	4.19	$	0.01

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 1.9 million, 0.5 million and 1.4 million shares during 2022, 2021 and 2020, respectively.