Stockholders' Equity

12 Months Ended

Dec. 31, 2019

Stockholders’ Equity

Amendment to the Certificate of Incorporation

On May 22, 2018, the Company’s stockholders approved an amendment to the Certificate of Incorporation increasing the total number of authorized shares of common stock to 150,000,000 from 100,000,000.

Dividends

On October 19, 2011, the Company announced the commencement of a quarterly dividend program. The Company’s intentions are to continue increasing its dividends per share over time; however, the payment of any future dividends will be determined by the Company’s Board of Directors in light of then existing conditions, including the Company’s earnings, financial condition and capital requirements, strategic alternatives, restrictions in financing agreements, business conditions and other factors.

The Board of Directors approved the following cash dividends in 2019 (in millions, except per share data):



Declaration Date	Dividend Per Share	Record Date	Cash Payment Amount⁽¹⁾	Payment Date
February 28, 2019	$0.11	March 12, 2019	$5.1	March 22, 2019
May 7, 2019	0.11	May 23, 2019	5.1	June 14, 2019
August 6, 2019	0.11	August 22, 2019	5.1	September 13, 2019
November 6, 2019	0.12	November 19, 2019	5.5	December 13, 2019

______________________________________________


(1)	Includes cash payments on declared dividends and payments made on RSUs vested subsequent to the payment date.

The Company paid total dividends of $20.8 million, $18.9 million and $17.2 million in 2019, 2018 and 2017, respectively. Dividends declared and paid per common share were $0.45, $0.41 and $0.37 in 2019, 2018 and 2017, respectively.

On February 24, 2020 the Board of Directors declared a quarterly cash dividend of $0.12 per common share, which is payable on March 27, 2020 to shareholders of record as of close of business on March 16, 2020.

Repurchase of Common Stock

In February of 2020, the Company’s Board of Directors authorized a $60.0 million stock repurchase program (the “2020 Program”), replacing the Company’s prior stock repurchase program (the “2017 Program”). At the time of approval, the Company had funds totaling $0.4 million remaining under the 2017 Program which were subsequently retired unused. The timing, price and volume of purchases under the 2020 Program are based on market conditions, cash and liquidity requirements, relevant securities laws and other factors. The 2020 Program may be discontinued or amended at any time. The 2020 Program has no expiration date and terminates when the amount authorized has been expended or the Board of Directors withdraws its authorization.

The following table summarizes the Company’s stock repurchase activities (in millions, except share and per share data):



	Year Ended December 31,
	2019		2018		2017
Number of shares repurchased	767,681		588,489		158,106
Average price per share	$	28.66	$	26.20	$	28.11
Total repurchase costs⁽¹⁾	$	22.0	$	15.5	$	4.4

______________________________________________

(1)

Amounts have been rounded for presentation purposes and may differ from unrounded results.