Capital Stock

12 Months Ended

Dec. 31, 2021

Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]

Capital Stock

CAPITAL STOCK

Our Restated Certificate of Incorporation, as amended during 2017, authorizes us to issue 250,000,000 shares of common stock, par value $.01 per share, and 5,000,000 shares of preferred stock, par value $.01 per share. As of December 31, 2021, we had 126,937,163 shares of common stock outstanding, with 3,138,675 shares held in treasury, and no shares of preferred stock outstanding. The voting, dividend, and liquidation rights of the holders of common stock are subject to the rights of the holders of preferred stock. The holders of common stock are entitled to one vote for each share held. There is no cumulative voting. Dividends may be declared and paid on common stock as determined by our Board of Directors, subject to any preferential dividend rights of any then outstanding preferred stock.

A summary of the activity of our common shares outstanding and treasury shares held for the three-year period ending December 31, 2021, is as follows:

Common Shares Outstanding	Year Ended December 31,
	2021	2020	2019
At beginning of period	125,976,071	125,481,163	125,737,565
Exercise of common stock options, net	10,929	—	—
Grants of restricted stock, net (1)	950,163	494,908	(256,402)
At end of period	126,937,163	125,976,071	125,481,163

(1)Prior to 2019, we primarily granted restricted stock awards, which immediately impacted common shares outstanding. In contrast, during 2021, 2020 and 2019, we primarily granted restricted stock units which do not impact common shares outstanding until vesting. Vesting for restricted stock units began in 2020.

Treasury Shares Held	Year Ended December 31,
	2021	2020	2019
At beginning of period	2,953,976	2,823,191	2,717,569
Shares received upon vesting of restricted stock, net	184,699	130,785	105,622
At end of period	3,138,675	2,953,976	2,823,191

Our Board of Directors is empowered, without approval of the stockholders, to cause shares of preferred stock to be issued in one or more series and to establish the number of shares to be included in each such series and the rights, powers, preferences, and limitations of each series. Because the Board of Directors has the power to establish the preferences and rights of each series, it may afford the holders of any series of preferred stock preferences, powers and rights, voting or otherwise, senior to the rights of holders of common stock. The issuance of the preferred stock could have the effect of delaying or preventing a change in control of the Company.

Upon our dissolution or liquidation, whether voluntary or involuntary, holders of our common stock will be entitled to receive all of our assets available for distribution to our stockholders, subject to any preferential rights of any then outstanding preferred stock.