Stockholders' Equity

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Stockholders' Equity

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 2020 (in millions, except per share data):

Declaration Date	Dividend Per Share	Record Date	Cash Payment Amount(1)(2)	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	$5.7	December 18, 2020

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

(2)    Amounts have been rounded for presentation purposes and may differ from unrounded amounts.

The Company paid total dividends of $22.0 million, $20.8 million and $18.9 million in 2020, 2019 and 2018, respectively. Dividends declared and paid per common share were $0.49, $0.45 and $0.41 in 2020, 2019 and 2018, respectively.

On March 1, 2021 the Board of Directors declared a quarterly cash dividend of $0.13 per common share, which is payable on March 26, 2021 to shareholders of record as of close of business on March 15, 2021.

Repurchase of Common Stock

On February 24, 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 “Prior Program”). At the time of approval, the Company had funds totaling $0.4 million remaining under the Prior 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. As of December 31, 2020, the Company had $49.6 million available for future share repurchases under the 2020 Program.

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

	Year Ended December 31,
	2020		2019		2018
Number of shares repurchased	407,971		767,681		588,489
Average price per share	$	25.62	$	28.66	$	26.20
Total repurchase costs(1)	$	10.4	$	22.0	$	15.5

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