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STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

STOCKHOLDERS' EQUITY

11. STOCKHOLDERS’ EQUITY

Preferred stock

The Company has 1 million authorized shares of preferred stock, $0.01 par value per share, of which none were issued and outstanding at December 31, 2020. The Board of Directors has the authority to issue the shares of preferred stock in one or more series, to establish the number of shares to be included in each series, and to determine the designation, powers, preferences, and rights of the shares of each series and the qualifications, limitations, or restrictions thereof, without any further vote or action by the stockholders. The issuance of preferred stock could decrease the earnings and assets available for distribution to holders of common stock and may have the effect of delaying, deferring, or defeating a change in control of the Company. The Company had not issued any shares of preferred stock through December 31, 2020.

Common stock

The Company has 200 million authorized shares of common stock, $0.01 par value per share, of which 80.9 million shares were issued and outstanding at December 31, 2020.

Dividends declared

			2020						2019						2018
Dividends declared (per share)			$	0.12					$	0.12					$	0.12
Dividend payments to stockholders (in thousands)			$	9,628					$	9,486					$	9,432

The Company’s paid a quarterly cash dividend of $0.03 per share in 2020, 2019, and 2018, however, the Board of Directors may terminate or modify the dividend program at any time without prior notice.

Stock repurchases

(in thousands)			2020												2019												2018
			Shares						Amount						Shares						Amount						Shares						Amount
January 1,									$	45,484											$	6,620											$	34,892
Authorizations (1)									$	20,516											$	60,000											$	27,003
Repurchases (2)			(278)						$	(28,274)					(333)						$	(21,136)					(1,001)						$	(55,275)
December 31,									$	37,726											$	45,484											$	6,620

(1) On June 15, 2020, the Company announced that the Board of Directors extended the current stock repurchase program’s expiration date to June 30, 2021 and increased the remaining stock repurchase authority to $60 million.

(2) Purchases under this program have been made on the open market.

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- References

No definition available.

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- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI http://asc.fasb.org/topic&trid=2208762

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