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Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2019

Equity [Abstract]

Cash Dividends

Cash Dividends — The Company paid cash dividends during the nine months ended September 30, 2019 and 2018 as follows:

2019:	Per Share				Total
					(in thousands)
Paid on March 21, 2019	$	0.04			$	8,499
Paid on June 20, 2019		0.04				8,344
Paid on September 19, 2019		0.04				7,847
Total cash dividends	$	0.12				24,690

2018:	Per Share				Total
					(in thousands)
Paid on March 22, 2018	$	0.02			$	4,443
Paid on June 21, 2018		0.04				8,832
Paid on September 20, 2018		0.04				8,685
Total cash dividends	$	0.10			$	21,960

Treasury Stock Acquisition

Treasury stock acquisitions during the nine months ended September 30, 2019 were as follows (dollars in thousands):

	Shares				Cost
Treasury shares at beginning of period		53,701,096			$	1,080,448
Purchases pursuant to stock buyback program		19,961,344				225,109
Acquisitions pursuant to long-term incentive plan		1,015,617				14,014
Other		31,013				371
Treasury shares at end of period		74,709,070			$	1,319,942

Reconciliation of Changes in Stockholders' Equity

The reconciliation of changes in stockholders’ equity for the periods ended September 30, 2019 and 2018, are presented as follows (in thousands):

	For the nine months ended September 30, 2019
	Common Stock								Additional								Accumulated Other
	Number of								Paid-in				Retained				Comprehensive				Treasury
	Shares				Amount				Capital				Earnings				Income (Loss)				Stock				Total
Balance, December 31, 2018		267,316			$	2,673			$	2,827,154			$	1,753,557			$	2,487			$	(1,080,448	)		$	3,505,423
Net loss		—				—				—				(28,614	)			—				—				(28,614	)
Foreign currency translation adjustment		—				—				—				—				944				—				944
Vesting of restricted stock units		38				—				—				—				—				—				—
Forfeitures of restricted stock		(1	)			—				—				—				—				—				—
Stock-based compensation		—				—				9,338				—				—				—				9,338
Payment of cash dividends		—				—				—				(8,499	)			—				—				(8,499	)
Dividend equivalents		—				—				—				(110	)			—				—				(110	)
Purchase of treasury stock		—				—				—				—				—				(75,113	)			(75,113	)
Balance, March 31, 2019		267,353			$	2,673			$	2,836,492			$	1,716,334			$	3,431			$	(1,155,561	)		$	3,403,369
Net loss		—				—				—				(49,447	)			—				—				(49,447	)
Foreign currency translation adjustment		—				—				—				—				848				—				848
Exercise of stock options		700				7				9,212				—				—				—				9,219
Vesting of restricted stock units		739				8				(8	)			—				—				—				—
Forfeitures of restricted stock		(1	)			—				—				—				—				—				—
Stock-based compensation		—				—				11,050				—				—				—				11,050
Payment of cash dividends		—				—				—				(8,344	)			—				—				(8,344	)
Dividend equivalents		—				—				—				(126	)			—				—				(126	)
Purchase of treasury stock		—				—				—				—				—				(88,258	)			(88,258	)
Balance, June 30, 2019		268,791			$	2,688			$	2,856,746			$	1,658,417			$	4,279			$	(1,243,819	)		$	3,278,311
Net loss		—				—				—				(261,719	)			—				—				(261,719	)
Foreign currency translation adjustment		—				—				—				—				854				—				854
Vesting of restricted stock units		433				4				(4	)			—				—				—				—
Stock-based compensation		—				—				9,670				—				—				—				9,670
Payment of cash dividends		—				—				—				(7,847	)			—				—				(7,847	)
Dividend equivalents		—				—				—				(160	)			—				—				(160	)
Purchase of treasury stock		—				—				—				—				—				(76,123	)			(76,123	)
Balance, September 30, 2019		269,224			$	2,692			$	2,866,412			$	1,388,691			$	5,133			$	(1,319,942	)		$	2,942,986

	For the nine months ended September 30, 2018
	Common Stock								Additional								Accumulated Other
	Number of								Paid-in				Retained				Comprehensive				Treasury
	Shares				Amount				Capital				Earnings				Income (Loss)				Stock				Total
Balance, December 31, 2017		266,259			$	2,662			$	2,785,823			$	2,105,897			$	6,822			$	(918,711	)		$	3,982,493
Net loss		—				—				—				(34,417	)			—				—				(34,417	)
Foreign currency translation adjustment		—				—				—				—				(1,984	)			—				(1,984	)
Exercise of stock options		40				1				484				—				—				—				485
Stock-based compensation		—				—				9,365				—				—				—				9,365
Payment of cash dividends		—				—				—				(4,443	)			—				—				(4,443	)
Dividend equivalents		—				—				—				(30	)			—				—				(30	)
Purchase of treasury stock		—				—				—				—				—				(16,928	)			(16,928	)
Balance, March 31, 2018		266,299			$	2,663			$	2,795,672			$	2,067,007			$	4,838			$	(935,639	)		$	3,934,541
Net loss		—				—				—				(10,713	)			—				—				(10,713	)
Foreign currency translation adjustment		—				—				—				—				(1,530	)			—				(1,530	)
Issuance of common stock		381				4				(4	)			—				—				—				—
Vesting of restricted stock units		10				—				—				—				—				—				—
Forfeitures of restricted stock		(2	)			—				—				—				—				—				—
Stock-based compensation		—				—				9,907				—				—				—				9,907
Payment of cash dividends		—				—				—				(8,832	)			—				—				(8,832	)
Dividend equivalents		—				—				—				(83	)			—				—				(83	)
Purchase of treasury stock		—				—				—				—				—				(42,951	)			(42,951	)
Balance, June 30, 2018		266,688			$	2,667			$	2,805,575			$	2,047,379			$	3,308			$	(978,590	)		$	3,880,339
Net loss		—				—				—				(75,042	)			—				—				(75,042	)
Foreign currency translation adjustment		—				—				—				—				1,520				—				1,520
Vesting of restricted stock units		406				4				(4	)			—				—				—				—
Forfeitures of restricted stock		(4	)			—				—				—				—				—				—
Stock-based compensation		—				—				9,177				—				—				—				9,177
Payment of cash dividends		—				—				—				(8,685	)			—				—				(8,685	)
Dividend equivalents		—				—				—				(106	)			—				—				(106	)
Purchase of treasury stock		—				—				—				—				—				(51,776	)			(51,776	)
Balance, September 30, 2018		267,090			$	2,671			$	2,814,748			$	1,963,546			$	4,828			$	(1,030,366	)		$	3,755,427

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Tabular disclosure of changes in the separate accounts comprising stockholders' equity (in addition to retained earnings) and of the changes in the number of shares of equity securities during at least the most recent annual fiscal period and any subsequent interim period presented is required to make the financial statements sufficiently informative if both financial position and results of operations are presented.

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