Stockholders' Equity

12 Months Ended

Dec. 31, 2020

Shareholders’ Equity

The Company is authorized by its Board of Directors to acquire the Company’s stock through open market purchases under its share repurchase program. As repurchase authority is exhausted, the Board of Directors has, to date, authorized additional expenditures for share repurchases. The Company suspended stock repurchases upon the onset of the pandemic and as part of accepting benefits from the Treasury under the PSPA and PSP2, the Company has agreed not to repurchase stock through March 31, 2022.

Share repurchases consisted of the following during the periods indicated:


	Year Ended December 31,
	2020		2019		2018
Shares repurchased(1)	197,570		103,943		—
Average price per share	$	155.14	$	141.64	NA
Total (in thousands)	$	30,651	$	14,723	$	—

(1) Share amounts shown above include only open market repurchases and do not include shares withheld from employees for tax withholding obligations related to restricted stock vestings, which were 19,001, 27,700 and 22,981 shares for 2020, 2019 and 2018, respectively.

Cash dividends declared by the Board and paid by the Company consisted of the following during the periods indicated:


	Year Ended December 31,
	2020		2019		2018
Total quarterly cash dividends declared, per share	$	0.70	$	2.80	$	2.80
Total cash dividends paid (in thousands)	11,361		45,552		45,247

The Company suspended payment of cash dividends upon the onset of the pandemic and as part of accepting benefits from the Treasury under the PSPA and PSP2, the Company has agreed not to pay cash dividends through March 31, 2022.