Stockholders' Equity

3 Months Ended

Mar. 31, 2018

10. Stockholders’ Equity

Cash Dividends — The Company paid cash dividends during the three months ended March 31, 2018 and 2017 as follows:

2018:	Per Share		Total
			(in thousands)
Paid on March 22, 2018	$	0.02	$	4,443

2017:	Per Share		Total
			(in thousands)
Paid on March 22, 2017	$	0.02	$	3,326

On April 25, 2018, the Company’s Board of Directors approved a cash dividend on its common stock in the amount of $0.04 per share to be paid on June 21, 2018 to holders of record as of June 7, 2018. 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. All purchases executed to date have been through open market transactions. Purchases under the program are made at management’s discretion, at prevailing prices, subject to market conditions and other factors. Purchases may be made at any time without prior notice. There is no expiration date associated with the buyback program. As of March 31, 2018, the Company had remaining authorization to purchase approximately $170 million of the Company’s outstanding common stock under the stock buyback program. Shares purchased under the buyback program are accounted for as treasury stock.

Treasury stock acquisitions during the three months ended March 31, 2018 were as follows (dollars in thousands):

	Shares		Cost
Treasury shares at beginning of period		43,802,611	$	918,711
Purchases pursuant to stock buyback program		924,800		16,928
Treasury shares at end of period		44,727,411	$	935,639