Stockholders’ Equity

Stock Repurchase Program. As of December 31, 2018, the Company is authorized to repurchase, from time to time, up to 6.7 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, 2018, 2017 and 2016, are reflected in the following table (in thousands):



	Years Ended December 31,
	2018		2017		2016
Common stock repurchased (in shares)	5,614		4,046		4,046
Common stock repurchased	$	351,194	$	196,645	$	163,614

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 employee stock plan repurchases made during the years ended December 31, 2018, 2017 and 2016, are reflected in the following table (in thousands):



	Years Ended December 31,
	2018		2017		2016
Repurchases related to employee stock plans (in shares)	235		408		359
Repurchases related to employee stock plans	$	13,674	$	20,391	$	15,170

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, 2018, 2017 and 2016 (consisting of stock option exercises and the purchase of shares for the treasury) is presented in the Consolidated Statements of Stockholders’ Equity.

Cash Dividends. The Company’s Board of Directors may at their discretion declare and pay dividends upon the shares of the Company’s stock either out of the Company’s retained earnings or capital surplus. The cash dividends declared during the years ended December 31, 2018, 2017 and 2016, are reflected in the following table:



	Years Ended December 31,
	2018		2017		2016
Cash dividends declared per share	$	1.12	$	.96	$	.88

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. As a result, the Company had no retained earnings as of December 31, 2018.