Stockholders' Equity

3 Months Ended

Mar. 31, 2020

Stockholders’ Equity

Stock Repurchase Program. As of March 31, 2020, the Company is authorized to repurchase, from time to time, up to 1.5 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 three months ended March 31, 2020 and 2019, are reflected in the following table (in thousands):


	Three Months Ended March 31,
	2020		2019
Common stock repurchased (in shares)	983		781
Common stock repurchased	$	51,477	$	51,608

Additional stock repurchases were made in connection with employee stock plans, whereby Company shares were tendered by employees for the payment of applicable statutory withholding taxes. The number and the cost of repurchases related to employee stock plans made during the three months ended March 31, 2020 and 2019, are reflected in the following table (in thousands):


	Three Months Ended March 31,
	2020		2019
Repurchases related to employee stock plans (in shares)	280		257
Repurchases related to employee stock plans	$	12,022	$	16,708

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 months ended March 31, 2020 and 2019, 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.