XML 27 R16.htm IDEA: XBRL DOCUMENT v3.20.2
Common Stock
 9 Months Ended
Sep. 30, 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:
Third Quarter$0.155 $11,790 
Second Quarter0.155 11,761 
First Quarter0.155 11,735 
Total dividends declared in 2020$0.465 $35,286 
2019:
Fourth Quarter$0.14 $10,718 
Third Quarter0.14 10,726 
Second Quarter0.14 10,751 
First Quarter0.14 10,782 
Total dividends declared in 2019$0.56 $42,977 
During the fourth quarter of 2020, the Company's Board of Directors declared a dividend of $0.155 per share of common stock to shareholders of record as of December 4, 2020 and payable on December 18, 2020.
Share Repurchase Program
As of September 30, 2020, the Board of Directors had authorized the Company to repurchase up to an aggregate of $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 Holdings Co., Ltd. (“Magnus”), a wholly owned subsidiary of Fila Holdings Co., to purchase from Magnus an equal amount of its common stock as it purchases on the open market, up to an aggregate of $24.9 million, at the same weighted average per share price.
In April 2020, the Company temporarily suspended stock repurchases under its share repurchase program in light of the COVID-19 pandemic. The Company has the ability to resume repurchases in its discretion. See Note 1 for further discussion on the Company's evaluation and response to the COVID-19 pandemic.
The Company's share repurchase activity was as follows:
Three months ended September 30,Nine months ended September 30,
(in thousands, except share and per share amounts)2020201920202019
Shares repurchased (1)
— 166,972 243,894 420,357 
Average price$— $25.34 $28.60 $24.76 
Aggregate value $— $4,231 $6,976 $10,409 
_______________________________________________________________________________
(1) There were no shares repurchased from Magnus during the three and nine months ended September 30, 2020 related to the Magnus share repurchase agreement.
In relation to the Magnus share repurchase agreement, the Company has 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 September 30, 2020 and December 31, 2019, respectively. Excluding the impact of the share repurchase liability, as of September 30, 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.