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STOCKHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
STOCKHOLDERS' EQUITY
11. STOCKHOLDERS’ EQUITY
Preferred stock
The Company has one million authorized shares of preferred stock, $0.01 par value per share, of which none were issued and outstanding at December 31, 2019. The Board of Directors has the authority to issue the shares of preferred stock in one or more series, to establish the number of shares to be included in each series, and to determine the designation, powers, preferences, and rights of the shares of each series and the qualifications, limitations, or restrictions thereof, without any further vote or action by the stockholders. The issuance of preferred stock could decrease the amount of earnings and assets available for distribution to holders of common stock, and may have the effect of delaying, deferring, or defeating a change in control of the Company. The Company had not issued any shares of preferred stock through December 31, 2019.
Common stock
The Company has 200 million authorized shares of common stock, $0.01 par value per share, of which 79.6 million shares were issued and outstanding at December 31, 2019.
Dividends declared
 
2019
 
2018
 
2017
Dividends declared (per share)
$
0.12

 
$
0.12

 
$
0.12

Dividend payments to shareholders (in thousands)
$
9,486

 
$
9,432

 
$
9,277


The Company’s paid a quarterly cash dividend of $0.03 per share in 2019, 2018, and 2017, however, the Board of Directors may terminate or modify this dividend program at any time without prior notice.
Stock repurchases
(in thousands)
2019
 
2018
 
2017
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
January 1,
 
 
$
6,620

 
 
 
$
34,892

 
 
 
$
39,385

Authorizations (1)
 
 
$
60,000

 
 
 
$
27,003

 
 
 
$
—

Repurchases
(333
)
 
$
(21,136
)
 
(1,001
)
 
$
(55,275
)
 
(99
)
 
$
(4,493
)
December 31,
 
 
$
45,484

 
 
 
$
6,620

 
 
 
$
34,892


(1) On March 15, 2019, the Company announced that the Board of Directors extended the expiration date of the current stock repurchase program to June 30, 2020 and increased the amount of common stock the Company is authorized to repurchase by $60 million.