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Stockholders' Equity
 12 Months Ended
Dec. 31, 2016
Stockholders' Equity Note [Abstract]  
Stockholders' Equity
10.
Stockholders’ Equity

Repurchase Program

Our Board of Directors (the “Board”) has authorized a program to repurchase shares of our outstanding common stock (“Repurchase Program”).  The purchases are to be made from time to time in the open market or directly from stockholders at prevailing market prices based on market conditions or other factors. During 2015, we repurchased 1,244,433 shares under the Repurchase Program and 114,523 shares were withheld to satisfy minimum tax withholding obligations for the vesting of restricted stock awards. In 2016, the Board authorized an increase of one million shares that may be repurchased under the Repurchase Program. We repurchased 388,063 shares under the Repurchase Program during 2016. In addition, 101,335 shares were withheld during 2016 to satisfy minimum tax withholding obligations for the vesting of restricted stock awards, which are not subject to the Repurchase Program. At December 31, 2016, we were authorized to repurchase an additional 1,136,269 shares under the Repurchase Program. Shares repurchased under the Repurchase Program and shares withheld to satisfy minimum tax withholding obligations for the vesting of restricted stock awards are recorded in treasury.

Tender Offer for Common Stock

In December 2015, we commenced a modified Dutch auction tender offer to purchase up to $125 million in value of our common stock at a price not less than $43.50 per share and not more than $50.00 per share. In January 2016, we exercised our right to increase the size of the tender offer by up to 2.0% of our outstanding common stock. The tender offer period expired on January 7, 2016 and on January 13, 2016, we purchased 3,013,531 shares of our common stock at a per share price of $47.50 and an aggregate price of $143.1 million, excluding $1.1 million of transaction costs. The shares were immediately canceled and retired.

The tender offer was funded through borrowings of $104.4 million under the Facility and the remainder with cash on hand.

Dividends

The Board declared quarterly dividends in 2016 and 2015 as follows:
 
 
2016
 
2015
 
 
 
(amounts per share)
 
First quarter
 
$
0.22

 
$
0.19

 
Second quarter
 
0.25

 
0.22

 
Third quarter
 
0.25

 
0.22

 
Fourth quarter
 
0.25

 
0.22

 


During 2016 and 2015, we paid a total of $20.6 million and $21.2 million, respectively in dividends.

Preferred Stock

At December 31, 2016, 20 million shares of preferred stock were authorized, of which 600,000 shares were designated as Series A Junior Participating Preferred Stock that is reserved for issuance on exercise of preferred stock purchase rights under our Share Purchase Rights Plan (the “Rights Plan”). Each issued share of our common stock has one preferred stock purchase right attached to it. No preferred shares have been issued and the rights are not currently exercisable. The Rights Plan expires on November 13, 2017.