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Stockholders' Equity
 3 Months Ended
Mar. 31, 2017
Equity [Abstract]  
Stockholders' Equity

12. Stockholders’ Equity

Stock Offering – On January 27, 2017, the Company completed an offering of 18.2 million shares of its common stock.  Concurrent with the closing of the SSE merger, the Company used a portion of the net proceeds of the offering to repay SSE’s outstanding indebtedness of approximately $472 million ($403 million net of cash from SSE), and the remainder of the proceeds has been or will be used for general corporate purposes.  

Cash Dividends — The Company paid cash dividends during the three months ended March 31, 2017 and 2016 as follows:

 

2017:

Per Share

 

 

Total

 

 

 

 

 

 

(in thousands)

 

Paid on March 22, 2017

$

0.02

 

 

$

3,326

 

 

2016:

Per Share

 

 

Total

 

 

 

 

 

 

(in thousands)

 

Paid on March 24, 2016

$

0.10

 

 

$

14,712

 

 

On April 26, 2017, 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 22, 2017 to holders of record as of June 8, 2017. 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, 2017, 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 three months ended March 31, 2017 were as follows (dollars in thousands):

 

 

March 31, 2017

 

 

Shares

 

 

Cost

 

Treasury shares at beginning of period

 

43,392,617

 

 

$

911,094

 

Acquisitions pursuant to long-term incentive plan

 

7,989

 

 

 

223

 

Treasury shares at end of period

 

43,400,606

 

 

$

911,317

 

 

 

On April 20, 2017, pursuant to the merger agreement, the Company acquired all of the issued and outstanding shares of common stock of SSE, in exchange for approximately 46.3 million shares of common stock of the Company (net of 50% of the shares withheld to satisfy tax obligations upon vesting of SSE restricted stock units and excluding up to approximately 0.5 million shares to be issued on or before August 18, 2017 to former holders of SSE restricted stock units that were granted on or after December 12, 2016 for employee retention purposes).