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Equity Transactions
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
EQUITY TRANSACTIONS EQUITY TRANSACTIONS
Repurchase of Common Stock
In June 2014, our Board of Directors authorized a $300.0 million share repurchase program (the “Share Repurchase Program”). Subsequently our Board of Directors authorized five $100.0 million increases to the program, respectively, and an additional $333.0 million in December 2022 and an additional $235.0 million in December 2023, bringing the total amount of the Share Repurchase Program to approximately $1.4 billion. The Company may repurchase shares under the Share Repurchase Program through open market purchases, pre-arranged trading plans or privately negotiated purchases.
The table below sets forth the total number of shares repurchased and the dollar value of shares repurchased under the Share Repurchase Program (in thousands). As of December 31, 2023, there was approximately $296.3 million remaining under the Share Repurchase Program authorization.
Share Repurchase Program
# of SharesValue
20234,411 $339,704 
20221,224 74,445 
2021458 30,000 
20206 349 
20192,962 196,269 
20181,478 110,505 
2017107 7,693 
20161,304 64,685 
20151,836 96,410 
20143,554 152,625 
Total17,340 $1,072,685 
In 2023, we commenced a modified “Dutch auction” tender offer (the “Tender Offer”), which resulted in the repurchase of 2.7 million shares of our common stock at a price of $72.98 per share, for an aggregate cost of $199.9 million, excluding fees, expenses and excise tax relating to the Tender Offer.
Dividends
Cash dividends on outstanding common stock declared in 2023 and 2022 were as follows (in thousands, except per share data):
2023Per ShareTotalCumulative by Fiscal Year
First quarter$0.35 $9,449 $9,449 
Second quarter0.35 9,273 18,722 
Third quarter0.40 10,348 29,070 
Fourth quarter0.40 10,226 39,296 
$1.50 $39,296 
2022
First quarter$0.35 $10,803 $10,803 
Second quarter0.35 10,380 21,183 
Third quarter0.35 10,382 31,565 
Fourth quarter0.35 10,384 41,949 
$1.40 $41,949 
We announced an increase to the quarterly cash dividend from $0.35 to $0.40 per share, beginning with the dividend paid in fourth quarter 2023. We currently expect to continue to pay comparable dividends in the future; however, continued payment of cash dividends and changes in the Company's dividend policy will depend on the Company's earnings, financial condition, capital resources and capital requirements, alternative uses of capital, restrictions imposed by any existing debt, economic conditions and other factors considered relevant by our Board of Directors.