Stockholders' Equity

12 Months Ended

Dec. 31, 2020

Stockholders’ Equity

Stock Repurchase Program. As of December 31, 2020, the Company is authorized to repurchase, from time to time, up to 9.9 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 years ended December 31, 2020, 2019 and 2018, are reflected in the following table (in thousands):


	Year Ended December 31,
	2020		2019		2018
Common stock repurchased (in shares)	2,505		4,253		5,614
Common stock repurchased	$	138,408	$	250,154	$	351,194

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 employee stock plan repurchases made during the years ended December 31, 2020, 2019 and 2018, are reflected in the following table (in thousands):


	Year Ended December 31,
	2020		2019		2018
Repurchases related to employee stock plans (in shares)	366		352		235
Repurchases related to employee stock plans	$	17,399	$	22,491	$	13,674

The repurchased shares are held in treasury and are presented as if constructively retired. Treasury stock is accounted for using the cost method. Treasury stock activity for each of the three years ended December 31, 2020, 2019 and 2018 (consisting of purchase of shares for the treasury) is presented in the Consolidated Statements of Stockholders’ Equity.

Dividends. The Company’s Board of Directors may at their discretion declare and pay cash dividends upon the shares of the Company’s stock either out of the Company’s retained earnings or additional paid-in capital. The dividends declared per share were $1.36, $1.24, and $1.12 during the years ended December 31, 2020, 2019 and 2018, respectively.

Repurchases of shares and issuances of dividends are applied first to the extent of retained earnings and any remaining amounts are applied to additional paid-in capital.