As of December 31, 2019 and 2018, 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,
	2019			2018			2017
	(In thousands)

Outstanding shares of voting common stock at the beginning of year		37,640			37,621			37,544
Exercise of stock options		107			121			262
Issuance of restricted stock, net of shares withheld for withholding tax payments and cancellations		103			22			39
Treasury shares used for acquisition		146			—			—
Repurchases		(60	)		(124	)		(224	)
Outstanding shares of voting common stock at the end of year		37,936			37,640			37,621

In January 2016, the Board of Directors authorized a 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 program expired in September 2017. In September 2017, the Board of Directors authorized a fifteen-month share repurchase program for up to $100.0 million that commenced in October 2017. The expiration date of this program was subsequently extended to March 31, 2019. In January 2019, the Board of Directors authorized a new two-year share repurchase program for up to $100.0 million, which commenced in April 2019. Shares repurchased under each program will be held in treasury for future use.

During 2019, 2018 and 2017, the Company paid quarterly cash dividends of $0.51 per share, $0.42 per share and $0.33 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.