Common Stock and Treasury Stock

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Common Stock and Treasury Stock

Common Stock and Treasury Stock

In 2005, the board approved a stock repurchase program authorizing the Company, as market and business conditions warrant, to acquire its common stock and periodically authorizes additional funds for the program. In December 2021, the board approved the repurchase of the Company's common stock of up to $250.0 million, in place of the remaining purchase amounts previously authorized.

The Company repurchased 8,624,238 shares for $206.5 million under the program for the year ended December 31, 2022. Under the program to date, the Company has repurchased 57,981,733 shares for approximately $926.2 million. As of December 31, 2022, the maximum remaining amount authorized for purchase under the stock repurchase program was $9.8 million.

On February 24, 2023, the Board of Directors approved $200.0 million for the stock repurchase program in place of the remaining purchase amounts previously authorized.

In 2006, the Company began to issue shares of treasury stock upon exercise of stock options, payment of earned performance shares (LTIP performance shares and TSRs), vesting of RSUs, and for issuances of common stock pursuant to the Company’s ESPP. Treasury shares issued by award type are as follows:

	Years Ended December 31,
	2022	2021	2020
Stock options	406,230	546,192	1,756,471
LTIP performance shares	—	10,457	668,240
TSRs	212,210	782,588	199,413
RSUs	534,759	522,618	431,504
ESPP	145,909	120,937	151,542
Total treasury shares issued	1,299,108	1,982,792	3,207,170