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Common Stock
 9 Months Ended
Sep. 30, 2021
Equity [Abstract]  
Common Stock Common Stock
Dividends
The Company declared dividends per common share, including DERs (Note 11), during the periods presented as follows:
Dividends per Common Share
Amount
(in thousands)
2021:
Third Quarter$0.165 $12,692 
Second Quarter0.165 12,768 
First Quarter0.165 12,767 
Total dividends declared in 2021$0.495 $38,227 
2020:
Fourth Quarter$0.155 $11,983 
Third Quarter0.155 11,790 
Second Quarter0.155 11,761 
First Quarter0.155 11,735 
Total dividends declared in 2020$0.620 $47,269 
During the fourth quarter of 2021, the Company's Board of Directors declared a dividend of $0.165 per share of common stock to shareholders of record as of December 3, 2021 and payable on December 17, 2021.
Share Repurchase Program
As of September 30, 2021, the Board of Directors had authorized the Company to repurchase up to an aggregate of $100.0 million of its issued and outstanding common stock. In March 2021, the Company resumed share repurchases under its share repurchase program, which had been temporarily suspended in April 2020 in light of the COVID-19 pandemic.
Share repurchases may be effected from time to time in open market or privately negotiated transactions, including transactions with affiliates, with the timing of purchases and the amount of stock purchased generally determined at the discretion of the Company consistent with the Company's general working capital needs and within the constraints of the Company’s credit agreement. As previously disclosed, in connection with this share repurchase program, the Company entered into an agreement with Magnus Holdings Co., Ltd. (“Magnus”), a wholly-owned subsidiary of Fila Holdings Corp., to purchase from Magnus an equal amount of its common stock as it purchases on the open market, up to an aggregate of $24.9 million, at the same weighted average per share price.
As the Company repurchased a cumulative total of $24.9 million of common stock through open market purchases, the determination date, as defined in the Magnus share repurchase agreement, was automatically triggered on March 18, 2021. As a result, on April 2, 2021, the Company repurchased 355,341 shares of common stock for an aggregate of $11.1 million from Magnus, in completion of the Company's previously discussed share repurchase obligations. In relation to the Magnus share repurchase agreement, the Company had recorded a share repurchase liability of $8.8 million for 299,894 shares of common stock to be repurchased from Magnus related to shares repurchased in the open market from the initial determination date up through the time that the Company temporarily suspended its share repurchase program, which was included in accrued expenses and other liabilities and treasury stock on the consolidated balance sheet as of December 31, 2020.
The Company's share repurchase activity was as follows:
Three months ended September 30,Nine months ended September 30,
(in thousands, except share and per share amounts)2021202020212020
Shares repurchased in the open market:
Shares repurchased 242,420 — 387,076 243,894 
Average price$50.58 $— $49.14 $28.60 
Aggregate value $12,261 $— $19,021 $6,976 
Shares repurchased from Magnus:
Shares repurchased— — 355,341 — 
Average price$— $— $31.31 $— 
Aggregate value$— $— $11,125 $— 
Total shares repurchased:
Shares repurchased242,420 — 742,417 243,894 
Average price$50.58 $— $40.61 $28.60 
Aggregate value$12,261 $— $30,146 $6,976 
As of September 30, 2021, the Company had $33.5 million remaining under the current share repurchase authorization. On October 20, 2021, the Board of Directors authorized the Company to repurchase up to an additional $100.0 million of its issued and outstanding common stock, bringing the total authorization up to $200.0 million. This program will remain in effect until completed or until terminated by the Board of Directors.