Stockholders' Equity

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Dividends

The Board of Directors approved the following cash dividends in 2020 (in millions, except per share data):

Declaration Date	Dividend Per Share	Record Date	Cash Payment Amount	Payment Date
February 24, 2020	$0.12	March 16, 2020	$5.5	March 27, 2020
May 7, 2020	$0.12	May 22, 2020	$5.4	June 19, 2020
August 6, 2020	$0.12	August 21, 2020	$5.4	September 18, 2020
November 5, 2020	$0.13	November 20, 2020	N/A(1)	December 18, 2020

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(1)    Amount will be determined based on common stock outstanding as of the record date.

Repurchase of Common Stock

On February 24, 2020, the Company’s Board of Directors authorized a $60.0 million stock repurchase program (the “Program”), replacing the Company’s prior stock repurchase program. At the time of approval, the Company had funds totaling $0.4 million remaining under the prior stock repurchase program, which were subsequently retired unused. The timing, price and volume of purchases under the Program are based on market conditions, cash and liquidity requirements, relevant securities laws and other factors. The Program may be discontinued or amended at any time. The Program has no expiration date and terminates when the amount authorized has been expended or the Board of Directors withdraws its authorization.

On April 14, 2020, the Company announced that spending under the Program would be temporarily postponed due to the volatility related to the novel coronavirus pandemic (“COVID-19”). During the three months ended September 30, 2020, no shares of common stock were purchased under the Program. During the nine months ended September 30, 2020, the Company spent $5.4 million to repurchase 235,344 shares of common stock under the Program. During the three and nine months ended September 30, 2019, 250,925 shares of common stock were repurchased under the prior stock repurchase program. As of September 30, 2020, there was $54.6 million available for future share repurchases under the Program.