Stockholders' Equity

12 Months Ended

Dec. 31, 2020

Federal Home Loan Banks [Abstract]

Stockholders' Equity

18) Stockholders’ Equity

Stock Repurchase Program

On July 25, 2011, the Company’s Board of Directors approved a share repurchase program for the repurchase of up to an aggregate of $200 of its outstanding common stock from time to time in open market purchases, privately negotiated transactions or through other appropriate means. The timing and quantity of any shares repurchased will depend upon a variety of factors, including business conditions, stock market conditions and business development activities, including, but not limited to, merger and acquisition opportunities. These repurchases may be commenced, suspended or discontinued at any time without prior notice.

During 2020 and 2019, there were no repurchases of common stock. During 2018, the Company repurchased approximately 818,000 shares of its common stock for $75.0 at an average price of $91.67 per share.    

The Company has repurchased approximately 2,588,000 shares of common stock for approximately $127 pursuant to the program since its adoption.

Cash Dividends

Holders of the Company’s common stock are entitled to receive dividends when they are declared by the Company’s Board of Directors. In addition, the Company accrues dividend equivalents on the RSUs the Company assumed in the ESI Merger described in Note 17 above when dividends are declared by the Company’s Board of Directors. The Company’s Board of Directors declared a cash dividend of $0.20 per share during each quarter of 2020, which totaled $44.0 or $0.80 per share. The Company’s Board of Directors declared a cash dividend of $0.20 per share during each quarter of 2019, which totaled $43.5 or $0.80 per share.  

Future dividend declarations, if any, as well as the record and payment dates for such dividends, are subject to the final determination of the Company’s Board of Directors.

On February 8, 2021, the Company’s Board of Directors declared a quarterly cash dividend of $0.20 per share to be paid on March 5, 2021 to Stockholders of record as of February 22, 2021.