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Equity
3 Months Ended
Mar. 31, 2018
Stockholders' Equity Note [Abstract]  
Equity
Equity
On March 21, 2018, a dividend of $0.05 per share was paid to stockholders of record on March 7, 2018. Dividends for the three months ended March 31, 2018 include a dividend equivalent payment of $0.3 million related to outstanding restricted stock units. During the three month period ended March 31, 2017 a dividend of $0.45 per share was paid to stockholders and a dividend equivalent payment of $2.1 million was made, which related to outstanding restricted stock units, and was included in dividends.
In October 2017, the Company commenced a recapitalization plan to repurchase up to $285.0 million of its common stock. During the three month period ended March 31, 2018, the Company repurchased 1,054,968 shares of common stock through a modified Dutch auction tender offer and an additional 341,742 common shares through open market transactions. In aggregate during the first quarter of 2018, in conjunction with its recapitalization plan, the Company repurchased 1,396,710 shares of its common stock at an average price of $20.12 per share, for a total cost of $28.1 million.
In addition, during the three months ended March 31, 2018, 918,073 restricted stock units vested and were settled in shares of common stock, of which the Company is deemed to have repurchased 361,453 shares from employees at the time of vesting to settle tax liabilities at an average price of $18.40 per share for a total cost of $6.7 million.
During the three months ended March 31, 2017, 1,014,271 restricted stock units vested and were settled in shares of common stock, of which the Company is deemed to have repurchased 423,556 shares at an average price of $29.55 per share in conjunction with the payment of tax liabilities in respect of stock delivered to its employees in settlement of restricted stock units.