Stockholders' Equity

9 Months Ended

Sep. 30, 2019

Stockholders’ Equity

Stock Repurchase Program. As of September 30, 2019, the Company is authorized to repurchase, from time to time, up to 3.4 million additional shares of the Company’s common stock on the open market or in privately negotiated transactions, depending on market conditions. The number and the cost of common stock shares repurchased during the nine months ended September 30, 2019 and 2018, are reflected in the following table (in thousands):



	Nine Months Ended September 30,
	2019		2018
Common stock repurchased (in shares)	3,266		3,255
Common stock repurchased	$	191,048	$	214,502

Additional stock repurchases were made in connection with employee stock plans, whereby Company shares were tendered by employees for the payment of exercise price and applicable statutory withholding taxes. The number and the cost of repurchases related to employee stock plans made during the nine months ended September 30, 2019 and 2018, are reflected in the following table (in thousands):



	Nine Months Ended September 30,
	2019		2018
Repurchases related to employee stock plans (in shares)	264		154
Repurchases related to employee stock plans	$	17,122	$	8,942

The repurchased shares are held in treasury and are presented as if constructively retired. Treasury stock is accounted for using the cost method. Repurchase activity for the three and nine months ended September 30, 2019 and 2018, is presented in the unaudited Condensed Consolidated Statements of Stockholders’ Equity.

Repurchases of shares and issuances of cash dividends are applied first to the extent of retained earnings and any remaining amounts are applied to capital surplus.