SHAREHOLDERS’ EQUITY

12 Months Ended

Dec. 31, 2020

We repurchase our common stock mainly through open market repurchase plans and, at times, through accelerated share repurchase ("ASR") programs. Information about shares repurchased and retired was as follows for the years ended December 31, 2020, 2019 and 2018:


	Years Ended December 31,
	2020		2019		2018

	(in thousands, except per share amounts)

Number of shares repurchased and retired	3,304		2,328		1,927
Cost of shares repurchased, including commissions	$	633,948	$	324,583	$	212,196
Average cost per share	$	191.87	$	139.42	$	110.11

In connection with the completion of the Merger, our Articles of Incorporation were amended to increase the number of authorized shares of Global Payments common stock from 200 million to 400 million.

As of December 31, 2020, the amount that may yet be purchased under our share repurchase program was $1,020.0 million. On January 28, 2021, our board of directors approved an increase to our existing share repurchase program authorization, which raised the total available authorization to $1.5 billion. On February 10, 2021, we entered into an ASR agreement with a financial institution to repurchase an aggregate of $500 million of our common stock. In exchange for an up-front payment of $500 million, the financial institution committed to deliver a number of shares during the ASR program purchase period, which will end on March 31, 2021. On February 12, 2021, 2,090,713 shares were initially delivered to us.

On January 28, 2021, the board of directors declared a cash dividend of $0.195 per share payable on March 26, 2021 to common shareholders of record on March 12, 2021.