Stockholders' Equity

3 Months Ended

Mar. 31, 2020

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

The following table summarizes our common share repurchases and issuances.

	Three Months Ended   March 31,
(Shares and per share amounts in actuals)	2020		2019
Common stock repurchased under repurchase program(1)(2)	47,736,847		5,435,476
Average purchase price per share(3)	$	9.66	$	11.04
Shares repurchased related to employee stock-based compensation plans(4)	1,105,119		1,289,391
Average purchase price per share	$	10.98	$	10.95
Common shares issued(5)	2,837,562		3,470,664

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⁽¹⁾  Common shares purchased under our share repurchase programs. $75 million of capacity under the 2020 Share Repurchase Program remained available as of March 31, 2020.

⁽²⁾  For the three months ended March 31, 2020, the amount includes 44.9 million shares related to the initial delivery of shares under our accelerated share repurchase agreement, described below.

⁽³⁾ Average purchase price per share includes purchase commission costs.

⁽⁴⁾ Comprised of shares withheld from stock option exercises and vesting of restricted stock for employees’ tax withholding obligations and shares tendered by employees to satisfy option exercise costs.

⁽⁵⁾  Common shares issued under our various compensation and benefit plans.

The closing price of our common stock on March 31, 2020 was $7.19.

Dividend and Share Repurchases

In both March 2020 and 2019, we paid a common stock dividend of $0.03 per common share.

The January 23, 2019 share repurchase program (the “2019 Share Repurchase Program”), which was effective upon announcement and expires on January 22, 2021, permits us to repurchase from time to time shares of our common stock up to an aggregate repurchase price not to exceed $200 million. Under the 2019 Share Repurchase Program, we repurchased 3 million shares of common stock for $33 million in the three months ended March 31, 2020 and 5 million shares of common stock for $60 million in the three months ended March 31, 2019. We have now utilized all capacity under the 2019 Share Repurchase Program.