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Common Stock
 3 Months Ended
Mar. 31, 2020
Equity [Abstract]  
Common Stock Common Stock
Dividends
The Company declared dividends per common share, including DERs (Note 10), during the periods presented as follows:

 
Dividends per Common Share
 
Amount
(in thousands)
2020:
 
 
 
 
First Quarter
 
$
0.155

 
$
11,735

Total dividends declared in 2020
 
$
0.155

 
$
11,735

 
 
 
 
 
2019:
 
 
 
 
Fourth Quarter
 
$
0.14

 
$
10,718

Third Quarter
 
0.14

 
10,726

Second Quarter
 
0.14

 
10,751

First Quarter
 
0.14

 
10,782

Total dividends declared in 2019
 
$
0.56

 
$
42,977


During the second quarter of 2020, the Company's Board of Directors declared a dividend of $0.155 per common share to shareholders of record as of June 5, 2020 and payable on June 19, 2020.
Share Repurchase Program
As of March 31, 2020, the Board of Directors had authorized the Company to repurchase up to an aggregate $100.0 million of its issued and outstanding common stock.
Share repurchases may be effected from time to time in open market or privately negotiated transactions, including transactions with affiliates, with the timing of purchases and the amount of stock purchased generally determined at the discretion of the Company consistent with the Company's general working capital needs and within the constraints of the Company’s credit agreement. As previously disclosed, in connection with this share repurchase program, the Company entered into an agreement with Magnus to purchase from Magnus an equal amount of its common stock as it purchases on the open market, up to an aggregate of $24.9 million, at the same weighted average per share price.
The Company's share repurchase activity was as follows:
 
 
Three Months Ended March 31,
(in thousands, except share and per share amounts)
 
2020
 
2019
Shares repurchased (1)
 
243,894

 
—

Average price
 
$
28.60

 
$
—

Aggregate value
 
$
6,976

 
$
—

_______________________________________________________________________________
(1) There were no shares repurchased from Magnus during the three months ended March 31, 2020 related to the Magnus share repurchase agreement.
In relation to the Magnus share repurchase agreement, the Company recorded a liability to repurchase additional shares of common stock from Magnus of $8.8 million (299,894 shares) and $1.8 million (56,000 shares), which was included in accrued expenses and other liabilities and treasury stock on the unaudited condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019, respectively. Excluding the impact of the share repurchase liability, as of March 31, 2020 the Company had $63.7 million remaining under the current share repurchase authorization, including $11.1 million related to the Magnus share repurchase agreement.
In April 2020, the Company announced that it was suspending stock repurchases in light of the COVID-19 pandemic. The Company has the ability to resume repurchases if it deems circumstances warrant. See Note 1 for further discussion on the Company's evaluation and response to the COVID-19 pandemic.