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Stockholders' Deficit
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Stockholders' Deficit Stockholders' Deficit
Stock Repurchase Programs
In February 2019, the Company’s Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to $200 million of the Company’s common stock (the “2019 Repurchase Program”) on an opportunistic basis from time to time in the open market or in privately negotiated transactions based on business, market, applicable legal requirements and other considerations. The 2019 Repurchase Program, as approved by the Board of Directors, does not require the repurchase of a specific number of shares and can be terminated at any time.
On February 17, 2022, the Company's Board of Directors authorized a new share repurchase program, effective April 1, 2022, of up to $250 million (the “2022 Repurchase Program”). In connection with the approval of the 2022 Repurchase Program, the 2019 Repurchase Program terminated effective April 1, 2022.
A summary of shares repurchased under the 2022 Repurchase Program and the 2019 Repurchase Program, during the years ended December 31, 2023, 2022 and 2021, and cumulatively for each program, is as follows:
SharesCost of shares
(In millions)
2022 Repurchase Program
Repurchased during the year ended December 31, 2023446,189 $26.1 
Repurchased during the year ended December 31, 20221,149,589 $78.7 
Cumulative (life-of-program) repurchases1,595,778 $104.8 
Remaining dollar value of shares that may be repurchasedn/a$145.2 
2019 Repurchase Program
Repurchased during the year ended December 31, 2022588,108 $41.4 
Repurchased during the year ended December 31, 202159,099 $4.5 
Repurchased during the year ended December 31, 2020459,899 $26.5 
Cumulative (life-of-program) repurchases2,344,804 $175.8 
Remaining dollar value of shares that may be repurchased (1)
       n/an/a
(1) In connection with the 2022 Repurchase Program, the 2019 Repurchase Program terminated effective April 1, 2022.
Dividends
During the fiscal years ended December 31, 2023, 2022 and 2021, the Company declared and paid dividends on common stock as follows:
Year ended December 31, 2023Declaration DatePayment DateDividends declared per shareDividends paid per share
Total dividends paid(1)
(In millions)
Payment of prior year declaration(3)January 6, 2023$— $0.51 $8.0 
First quarterFebruary 21, 2023March 31, 20230.51 0.51 8.0 
Second quarterMay 11, 2023July 7, 20230.51 0.51 7.9 
Third quarterSeptember 7, 2023September 29, 20230.51 0.51 7.8 
Fourth quarterNovember 30, 2023(2)0.51 — — 
Total$2.04 $2.04 $31.7 
Year ended December 31, 2022Declaration DatePayment DateDividends declared per shareDividends paid per share
Total dividends paid(1)
Payment of prior year declaration(4)January 7, 2022$— $0.40 $6.9 
First quarterFebruary 17, 2022April 1, 20220.46 0.46 7.8 
Second quarterMay 12, 2022July 8, 20220.51 0.51 8.2 
Third quarterSeptember 9, 2022September 30, 20220.51 0.51 8.1 
Fourth quarterDecember 2, 2022(3)0.51 $— $— 
Total$1.99 $1.88 $31.0 
Year ended December 31, 2021Declaration DatePayment DateDividends declared per shareDividends paid per share
Total dividends paid(1)
Fourth quarterDecember 20, 2021(4)$0.40 $— $— 
Total$0.40 $— $— 
(1) Includes dividend equivalents paid on restricted stock units.
(2) The fourth quarter 2023 dividend of $7.7 million was paid on January 5, 2024.
(3) The fourth quarter 2022 dividend of $8.0 million was paid on January 6, 2023.
(4) The fourth quarter 2021 dividend of $6.9 million was paid on January 7, 2022.
Dividends declared on common stock are recorded as a reduction of retained earnings to the extent retained earnings are available at the close of the period prior to the date of the declared dividend. Dividends in excess of retained earnings are recorded as a reduction of additional paid-in capital. All dividends declared during the fiscal years ended December 31, 2023, 2022 and 2021 were declared from retained earnings.
Treasury Stock
Repurchases of the Company's common stock are included in treasury stock at the cost of shares repurchased plus any transaction costs. Treasury stock may be re-issued when vested stock options are exercised, when restricted stock awards are granted and when restricted stock units settle in stock upon vesting. The cost of treasury stock re-issued is determined on the first-in, first-out (“FIFO”) method. The Company re-issued 281,161 shares, 205,293 shares and 660,718 shares, respectively, during the years ended December 31, 2023, 2022 and 2021 at a total FIFO cost of $13.5 million, $9.6 million and $26.8 million, respectively