CAPITAL STOCK

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

CAPITAL STOCK

CAPITAL STOCK

CAPITAL STOCK

At December 31, 2022, our authorized capital stock consists of 400,000,000 shares of common stock, par value $0.01 per share, and 10,000,000 shares of preferred stock, par value of $0.01 per share.

TREASURY STOCK

On March 4, 2022, our Board of Directors authorized the repurchase by us of up to an aggregate of $300.0 million of our common stock by various means from time to time through and including December 31, 2026. Pursuant to this authorization, in 2022 we repurchased a total of 786,235 shares of our common stock at an average price per share of $40.80, for a total purchase price of $32.1 million. As of December 31, 2022, we had approximately $267.9 million remaining for the repurchase of our common stock under this authorization. In 2021, we did not repurchase any of our shares of common stock. In 2020, we repurchased a total of 1,088,263 shares of our common stock at an average price per share of $32.96, for a total purchase price of $35.9 million under a prior authorization from our Board of Directors which expired on December 31, 2021.

In 2022, 2021 and 2020, we issued 765,917 treasury shares, 576,232 treasury shares and 582,151 treasury shares, respectively, at an average cost of $3.19 per share, $3.19 per share and $3.16 per share, respectively, for restricted stock units that vested during these years. In 2022, 2021 and 2020, we repurchased 310,904 shares, 223,030 shares and 217,325 shares of our common stock, respectively, at an average cost of $41.92 per share, $38.44 per share and $28.63 per share, respectively, in accordance with the Plan to satisfy employee withholding tax requirements resulting from certain restricted stock units becoming vested.

We account for treasury shares using the FIFO cost method. As of December 31, 2022, 65,033,489 shares of our common stock were held in treasury.