Common Stock and Treasury Stock

12 Months Ended

Dec. 31, 2023

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 February 2023, the board approved the repurchase of the Company's common stock of up to $200.0 million, in place of the remaining purchase amounts previously authorized.

The Company repurchased 939,567 shares for $27.6 million under the program for the year ended December 31, 2023. Under the program to date, the Company has repurchased 58,921,300 shares for approximately $953.8 million. As of December 31, 2023, the maximum remaining amount authorized for purchase under the stock repurchase program was $172.4 million.

Subsequent to December 31, 2023, the Company has repurchased additional shares under the repurchase program.

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,
	2023	2022	2021
Stock options	343,093	406,230	546,192
LTIP performance shares	—	—	10,457
TSRs	—	212,210	782,588
RSUs	666,026	534,759	522,618
ESPP	140,992	145,909	120,937
Total treasury shares issued	1,150,111	1,299,108	1,982,792