CAPITAL STOCK	3 Months Ended
Mar. 31, 2017
Capital Stock
CAPITAL STOCK	5.CAPITAL STOCK Authorized capital stock consists of 200 million shares of common stock and 15 million shares of preferred stock. At March 31, 2017, there were 95.1 million shares of common stock and no shares of preferred stock outstanding. Dividends In February 2017, the Board of Directors declared a cash dividend of $0.08 per share. The dividend is payable on June 1, 2017, to stockholders of record on May 15, 2017. Dividends declared 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. The $7.6 million dividend declared in February 2017 was recorded as a reduction of additional paid-in capital. Nonforfeitable dividends paid on stock awards that forfeit are reclassified out of retained earnings or additional paid-in capital, as applicable, to compensation cost in the period in which the forfeitures occur. Future dividend payments will depend on our level of earnings, financing requirements, and other factors considered relevant by the Board of Directors.

CAPITAL STOCK

3 Months Ended

Mar. 31, 2017

5.CAPITAL STOCK

Authorized capital stock consists of 200 million shares of common stock and 15 million shares of preferred stock. At March 31, 2017, there were 95.1 million shares of common stock and no shares of preferred stock outstanding.

Dividends

In February 2017, the Board of Directors declared a cash dividend of $0.08 per share. The dividend is payable on June 1, 2017, to stockholders of record on May 15, 2017. Dividends declared 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. The $7.6 million dividend declared in February 2017 was recorded as a reduction of additional paid-in capital. Nonforfeitable dividends paid on stock awards that forfeit are reclassified out of retained earnings or additional paid-in capital, as applicable, to compensation cost in the period in which the forfeitures occur. Future dividend payments will depend on our level of earnings, financing requirements, and other factors considered relevant by the Board of Directors.