Equity Transactions

12 Months Ended

Dec. 31, 2019

EQUITY TRANSACTIONS

Repurchase of Common Stock

In June 2014, our Board of Directors authorized a $300 million share repurchase program (the “2014 Repurchase Program”). In June 2015, September 2017, December 2018, and May 2019, our Board of Directors authorized four $100 million increases to the program, respectively, bringing the total amount of the 2014 Repurchase Program to $700 million. The Company may repurchase shares under the 2014 Repurchase Program through open market purchases, pre-arranged trading plans or privately negotiated purchases.

The table below sets forth the total number of shares repurchased and the dollar value of shares repurchased under the 2014 Repurchase Program (in thousands). As of December 31, 2019, there was approximately $71.8 million remaining under the stock repurchase authorization.



	2014 Repurchase Program
	# of Shares	Value
2019	2,962	$	196,269
2018	1,478	110,505
2017	107	7,693
2016	1,304	64,685
2015	1,836	96,410
2014	3,554	152,625
Total	11,241	$	628,187

Dividends

Cash dividends on outstanding common stock declared in 2019 and 2018 were as follows (in thousands, except per share data):



2019	Per Share		Total		Cumulative by Fiscal Year
First quarter	$	0.35	$	11,180	$	11,180
Second quarter	0.35		10,895		22,075
Third quarter	0.35		10,897		32,972
Fourth quarter	0.35		10,746		43,718
	$	1.40	$	43,718

2018
First quarter	$	0.35	$	12,124	$	12,124
Second quarter	0.35		12,192		24,316
Third quarter	0.35		11,996		36,312
Fourth quarter	0.35		11,610		47,922
	$	1.40	$	47,922

In September 2017, we announced that our Board of Directors had approved an increase in the Company’s quarterly cash dividend to $0.35 per share. We currently expect to continue to pay dividends comparable to our quarterly $0.35 per share cash dividend in the future; however, continued payment of cash dividends and changes in the Company's dividend policy will depend on the Company's earnings, financial condition, capital resources and capital requirements, alternative uses of capital, restrictions imposed by any existing debt, economic conditions and other factors considered relevant by our Board of Directors.