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Stockholders' Equity
 9 Months Ended
Sep. 30, 2015
Equity [Abstract]  
Stockholders' Equity

10. Stockholders’ Equity

Cash Dividends — The Company paid cash dividends during the nine months ended September 30, 2014 and 2015 as follows:

 

2014:

Per Share

 

 

Total

 

 

 

 

 

 

(in thousands)

 

Paid on March 27, 2014

$

0.10

 

 

$

14,456

 

Paid on June 26, 2014

 

0.10

 

 

 

14,562

 

Paid on September 24, 2014

 

0.10

 

 

 

14,634

 

Total cash dividends

$

0.30

 

 

$

43,652

 

 

2015:

Per Share

 

 

Total

 

 

 

 

 

 

(in thousands)

 

Paid on March 25, 2015

$

0.10

 

 

$

14,640

 

Paid on June 24, 2015

 

0.10

 

 

 

14,712

 

Paid on September 24, 2015

 

0.10

 

 

 

14,712

 

Total cash dividends

$

0.30

 

 

$

44,064

 

 

On October 21, 2015, the Company’s Board of Directors approved a cash dividend on its common stock in the amount of $0.10 per share to be paid on December 24, 2015 to holders of record as of December 10, 2015. The amount and timing of all future dividend payments, if any, are subject to the discretion of the Board of Directors and will depend upon business conditions, results of operations, financial condition, terms of the Company’s credit facilities and other debt agreements and other factors.

On September 6, 2013, the Company’s Board of Directors approved a stock buyback program that authorizes purchase of up to $200 million of the Company’s common stock in open market or privately negotiated transactions. As of September 30, 2015, the Company had remaining authorization to purchase approximately $187 million of the Company’s outstanding common stock under the stock buyback program. Shares purchased under a buyback program are accounted for as treasury stock.

Treasury stock acquisitions during the nine months ended September 30, 2015 were as follows (dollars in thousands):

 

 

September 30, 2015

 

 

Shares

 

 

Cost

 

Treasury shares at beginning of period

 

42,818,585

 

 

$

899,035

 

Acquisitions pursuant to long-term incentive plans

 

380,037

 

 

 

7,830

 

Purchases pursuant to the 2013 buyback program

 

8,618

 

 

 

180

 

Treasury shares at end of period

 

43,207,240

 

 

$

907,045