11. Stockholders’ Equity

Stock Offering – On January 27, 2017, the Company completed an offering of 18.2 million shares of its common stock and raised net proceeds of $472 million. The Company used the net proceeds of the offering to repay SSE’s outstanding indebtedness of approximately $472 million.

Cash Dividends — The Company paid cash dividends during the nine months ended September 30, 2017 and 2016 as follows:

2017:	Per Share		Total
			(in thousands)
Paid on March 22, 2017	$	0.02	$	3,326
Paid on June 22, 2017		0.02		4,269
Paid on September 21, 2017		0.02		4,271
Total cash dividends	$	0.06	$	11,866

2016:	Per Share		Total
			(in thousands)
Paid on March 24, 2016	$	0.10	$	14,712
Paid on June 23, 2016		0.02		2,953
Paid on September 22, 2016		0.02		2,953
Total cash dividends	$	0.14	$	20,618

On October 25, 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 December 21, 2017 to holders of record as of December 7, 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 September 30, 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.

During the nine months ended September 30, 2017, the Company withheld 369,862 shares with respect to employees’ tax withholding obligations upon vesting of restricted shares and 7,989 shares with respect to the exercise of a stock option. These shares were acquired at fair market value pursuant to the terms of the 2014 Plan.

Treasury stock acquisitions during the nine months ended September 30, 2017 were as follows (dollars in thousands):

	Shares		Cost
Treasury shares at beginning of period		43,392,617	$	911,094
Purchases pursuant to stock buyback program		5,503		109
Acquisitions pursuant to long-term incentive plan		377,851		6,923
Treasury shares at end of period		43,775,971	$	918,126

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.

On October 11, 2017, the Company acquired all of the issued and outstanding limited liability company interests of MS Directional for $75 million in cash and approximately 8.8 million shares of the Company’s common stock.