XML 31 R19.htm IDEA: XBRL DOCUMENT v3.4.0.3
Stockholders' Equity
 3 Months Ended
Mar. 31, 2016
Equity [Abstract]  
Stockholders' Equity

10. Stockholders’ Equity

Cash Dividends — The Company paid cash dividends during the three months ended March 31, 2015 and 2016 as follows:

 

2015:

Per Share

 

 

Total

 

 

 

 

 

 

(in thousands)

 

Paid on March 25, 2015

$

0.10

 

 

$

14,640

 

 

2016:

Per Share

 

 

Total

 

 

 

 

 

 

(in thousands)

 

Paid on March 24, 2016

$

0.10

 

 

$

14,712

 

 

On April 27, 2016, the Company’s Board of Directors approved a cash dividend on its common stock in the amount of $0.02 per share to be paid on June 23, 2016 to holders of record as of June 9, 2016. The Company’s 2015 Term Loan Agreement contains a covenant that could restrict its ability to make dividend payments later in 2016. 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 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 March 31, 2016, 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.

There were no acquisitions of treasury stock during the three months ended March 31, 2016.