Stockholders' Equity

12 Months Ended

Dec. 31, 2017

8. Stockholders’ Equity

Common Stock

As of December 31, 2017 and 2016, the Company had 110,000,000 authorized shares of voting common stock and 10,000,000 authorized shares of non-voting common stock. Voting common stock entitles the holder to one vote per share of common stock held.

The following is a summary of the change in the Company’s outstanding shares of voting common stock:

	Year Ended December 31,
	2017			2016			2015
	(In thousands)

Outstanding shares of voting common stock at the beginning of year		37,544			37,409			37,319
Exercise of stock options		262			181			183
Issuance of restricted stock, net of shares withheld for withholding tax payments and cancellations		39			104			178
Repurchases		(224	)		(150	)		(271	)
Outstanding shares of voting common stock at the end of year		37,621			37,544			37,409

In January 2016, the Board of Directors authorized a two-year share repurchase program for up to $25.0 million of the Company’s common stock. In October 2016, the Board of Directors approved a $50.0 million increase in the size of the repurchase program. This share repurchase plan was terminated in September 2017 and the Board of Directors authorized a new fifteen-month share repurchase program for up to $100.0 million that commenced in October 2017. Shares repurchased under each program will be held in treasury for future use.

Dividends

During 2017, 2016 and 2015, the Company paid quarterly cash dividends of $0.33 per share, $0.26 per share and $0.20 per share, respectively. Any future declaration and payment of dividends will be at the sole discretion of the Company’s Board of Directors. The Board of Directors may take into account such matters as general business conditions, the Company’s financial results, capital requirements, contractual obligations, legal, and regulatory restrictions on the payment of dividends to the Company’s stockholders or by the Company’s subsidiaries to their respective parent entities, and any such other factors as the Board of Directors may deem relevant.