Stockholders' Equity

12 Months Ended

Dec. 31, 2020

10. Stockholders’ Equity

Common Stock

As of December 31, 2020 and 2019, 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,
	2020			2019			2018
	(In thousands)

Outstanding shares of voting common stock at the beginning of year		37,936			37,640			37,621
Exercise of stock options		177			147			121
Issuance of restricted stock, net of cancellations		56			161			67
Shares withheld for withholding tax payments		(125	)		(98	)		(45	)
Treasury shares used for acquisition		—			146			—
Repurchases		(39	)		(60	)		(124	)
Outstanding shares of voting common stock at the end of year		38,005			37,936			37,640

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 and expires in March 2021. In January 2021, the Board of Directors authorized a new share repurchase program for up to $100 million. The Company expects repurchases under the new program to commence in April 2021 following the expiration of the current plan. Shares repurchased under each program will be held in treasury for future use.

Dividends

During 2020, 2019 and 2018, the Company paid quarterly cash dividends of $0.60 per share, $0.51 per share and $0.42 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.