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Shareholders' Equity (Tables) | 12 Months Ended
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Dec. 31, 2023
Equity [Abstract] |
Schedule of Class of Treasury Stock | Our open market repurchase programs are as follows:
Agreement Execution Date |  | Authorized Repurchase $ |  | Expiration Date
March 13, 2020 |  | $20 million |  | November 9, 2022
November 3, 2022 |  | $50 million |  | **1, 2
1 Expiration Date is at Board's discretion. The Company is authorized to effectuate repurchases of the Company's common stock on terms and conditions approved in advance by the Board.
2 As of December 31, 2023, there is approximately $25.0 million remaining under the current stock repurchase program. The remaining amount available is subject to a Board authorized 10b5-1 plan requiring certain market conditions and requirements.
The Company repurchases shares of AAON stock from employees for payment of statutory tax withholdings on stock transactions. All other repurchases from directors or employees are contingent upon Board approval. All repurchases are done at current market prices.
Schedule of Share Repurchases | Our repurchase activity is as follows:
|  | 2023 |  | 2022 |  | 2021
|  | (in thousands, except share and per share data)
Program |  | Shares 1 | Total $ | $ per share 1 |  | Shares 1 | Total $ | $ per share 1 |  | Shares 1 | Total $ | $ per share 1
Open market |  | 402,873 |  | $ | 25,009 |  | $ | 62.08 |  |  | 183,168 |  | $ | 6,823 |  | $ | 37.25 |  |  | — |  | $ | — |  | $ | — |
401(k) |  | — |  | — |  | — |  |  | 155,904 |  | 5,913 |  | 37.93 |  |  | 446,658 |  | 20,876 |  | 46.74 |
Employees |  | 21,904 |  | 1,302 |  | 59.44 |  |  | 25,842 |  | 1,019 |  | 39.43 |  |  | 33,789 |  | 1,590 |  | 47.06 |
Total |  | 424,777 |  | $ | 26,311 |  | $ | 61.94 |  |  | 364,914 |  | $ | 13,755 |  | $ | 37.69 |  |  | 480,447 |  | $ | 22,466 |  | $ | 46.76 |
1 Reflects three-for-two stock split effective August 16, 2023.
Our repurchase activity since Company inception, including our current authorized stock repurchase programs are as follows:
|  | Inception to Date
|  | (in thousands, except share and per share data)
Program |  | Shares 1 | Total $ | $ per share 1
Open market |  | 6,893,924 |  | $ | 106,625 |  | $ | 15.47 |
401(k) |  | 12,462,552 |  | 171,789 |  | 13.78 |
Directors & employees |  | 3,089,337 |  | 24,662 |  | 7.98 |
Total |  | 22,445,813 |  | $ | 303,076 |  | $ | 13.50 |
1 Reflects three-for-two stock split effective August 16, 2023.
Schedule of Dividends | Our cash dividends for the three years ended December 31, 2023 are as follows:
|  |  | Dividend | Annualized Dividend
Declaration Date 1 | Record Date | Payment Date | per Share 2 | per Share 2
May 17, 2021 | June 3, 2021 | July 1, 2021 | $0.13 | $0.26
November 9, 2021 | November 26, 2021 | December 17, 2021 | $0.13 | $0.26
May 18, 2022 | June 3, 2022 | July 1, 2022 | $0.13 | $0.26
November 8, 2022 | November 28, 2022 | December 16, 2022 | $0.16 | $0.32
March 1, 2023 | March 13, 2023 | March 31, 2023 | $0.08 | $0.32
May 18, 2023 | June 9, 2023 | June 30, 2023 | $0.08 | $0.32
August 18, 2023 | September 8, 2023 | September 29, 2023 | $0.08 | $0.32
November 10, 2023 | November 29, 2023 | December 18, 2023 | $0.08 | $0.32
1 Effective with the cash dividend declared on March 1, 2023 (paid on March 31, 2023), the Company moved from semi-annual cash dividends to quarterly cash dividends.
2 Reflects three-for-two stock split effective August 16, 2023.

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