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Common Stock
 3 Months Ended
Mar. 31, 2022
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)
2022:
First Quarter$0.180 $13,473 
Total dividends declared in 2022$0.180 $13,473 
2021:
Fourth Quarter$0.165 $12,619 
Third Quarter0.165 12,692 
Second Quarter0.165 12,768 
First Quarter0.165 12,767 
Total dividends declared in 2021$0.660 $50,846 
During the second quarter of 2022, the Company's Board of Directors declared a dividend of $0.180 per share of common stock to shareholders of record as of June 3, 2022 and payable on June 17, 2022.
Share Repurchase Program
As of March 31, 2022, the Board of Directors had authorized the Company to repurchase up to an aggregate of $200.0 million of its issued and outstanding common stock.
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 (the "2019 Agreement"). 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 2019 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 satisfaction of its obligations under the 2019 Agreement.
On November 8, 2021, the Company entered into a new agreement with Magnus to purchase from Magnus an equal amount of its common stock as it purchases on the open market, up to an aggregate of $37.5 million at the same weighted average per share price (the "2021 Agreement"). In relation to the 2021 Agreement, the Company recorded a share repurchase liability of $29.2 million for 537,839 shares of common stock, which was included in accrued expenses and other liabilities and treasury stock on the consolidated balance sheet as of December 31, 2021. Between January 1, 2022 and January 14, 2022, the Company repurchased an additional 161,980 shares of its common stock on the open market for an aggregate of $8.3 million, bringing the cumulative total open market purchases to $37.5 million. As a result, on January 24, 2022, the Company repurchased 699,819 shares of common stock for an aggregate of $37.5 million from Magnus, in satisfaction of its obligations under the 2021 Agreement.
The Company's share repurchase activity was as follows:
Three months ended March 31,
(in thousands, except share and per share amounts)20222021
Shares repurchased in the open market:
Shares repurchased 463,980 56,156 
Average price$46.57 $42.34 
Aggregate value $21,607 $2,377 
Shares repurchased from Magnus:
Shares repurchased699,819 — 
Average price (1)
$53.59 $— 
Aggregate value$37,501 $— 
Total shares repurchased:
Shares repurchased1,163,799 56,156 
Average price$50.79 $42.34 
Aggregate value$59,108 $2,377 
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(1)    In accordance with the share repurchase agreement, shares purchased from Magnus are accrued for at the same weighted average price as those purchased on the open market as if the purchase from Magnus had occurred on the same day. As such, the average price of Magnus repurchases during the current period may differ from open market purchases due to the settlement of the previously recorded share repurchase liability, as well as, open market purchases made after the completion of the Magnus Share repurchase agreement.
As of March 31, 2022, the Company had $39.1 million remaining under the current share repurchase authorization. On April 28, 2022, the Board of Directors authorized the Company to repurchase up to an additional $150.0 million of its issued and outstanding common stock, bringing the total authorization up to $350.0 million. This program will remain in effect until completed or until terminated by the Board of Directors.