Stockholders' (Deficit) Equity

Stock Repurchase Programs

On October 1, 2015, the Company's Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to $150 million of its common stock (the “2015 Repurchase Program”) on an opportunistic basis from time to time in open market transactions and in privately negotiated transactions based on business, market, applicable legal requirements and other considerations. The Company has repurchased 1,000,657 shares of stock for $72.9 million under the 2015 Repurchase Program. The Company may repurchase up to an additional $67.1 million of common stock under the 2015 Repurchase Program.

In October 2014, the Company's Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to $100 million of its common stock (the “2014 Repurchase Program”). The 2014 Repurchase Program was terminated upon approval of the 2015 Repurchase Program. The Company repurchased 537,311 shares of stock for $54.5 million under the 2014 Repurchase Program prior to its termination.

Shares repurchased under the Company's stock repurchase programs during the fiscal years ended December 31, 2017, 2016 and 2015 are summarized as follows:



	2017 repurchases			2016 repurchases			2015 repurchases			Remaining Value that may be Repurchased
Repurchase Program	Shares	$		Shares	$		Shares	$		Remaining Value that may be Repurchased
	(Dollars in millions)
2015 Repurchase Program	145,786	$	10.0	650,384	$	55.3	204,487	$	17.5	$	67.1
2014 Repurchase Program	—	—		—	—		516,976	52.5		n/a
Total	145,786	$	10.0	650,384	$	55.3	721,463	$	70.0	$	67.1

Dividends

During the fiscal years ended December 31, 2017, 2016 and 2015, the Company declared and paid dividends on common stock as follows:



Year ended December 31, 2017	Declaration Date	Payment Date	Dividends declared per share		Dividends paid per share		Total dividends paid⁽¹⁾
							(In millions)
Payment of prior year declaration	(3)	January 6, 2017	—		$	0.97	$	17.5
First quarter	February 22, 2017	April 7, 2017	$	0.97	0.97		17.5
Second quarter	May 15, 2017	July 7, 2017	0.97		0.97		17.5
Third quarter	August 10, 2017	October 6, 2017	0.97		0.97		17.8
Fourth quarter	October 6, 2017	(2)	0.97		—		—
Total			$	3.88	$	3.88	$	70.3



Year ended December 31, 2016
Payment of prior year declaration	(4)	January 8, 2016	—		$	0.920	$	17.1
First quarter	February 23, 2016	April 8, 2016	$	0.92	0.920		17.0
Second quarter	May 16, 2016	July 8, 2016	0.92		0.920		16.8
Third quarter	July 28, 2016	October 7, 2016	0.92		0.920		16.7
Fourth quarter	October 31, 2016	(3)	0.97		—		—
Total			$	3.73	$	3.68	$	67.6



Year ended December 31, 2015
Payment of prior year declaration	(5)	January 9, 2015			$	0.875	$	16.6
First quarter	February 24, 2015	April 10, 2015	$	0.875	0.875		16.7
Second quarter	May 19, 2015	July 10, 2015	0.875		0.875		16.6
Third quarter	July 30, 2015	October 9, 2015	0.875		0.875		16.4
Fourth quarter	October 1, 2015	(4)	0.920		—		—
Total			$	3.545	$	3.50	$	66.3

^{(1) Includes dividend equivalents paid on restricted stock units}

^{(2) The fourth quarter 2017 dividend of}^{$17.7 million}^{was paid on January 5, 2018.}

^{(3) The fourth quarter 2016 dividend of}^{$17.5 million}^{was paid on January 6, 2017.}

^{(4) The fourth quarter 2015 dividend of}^{$17.1 million}^{was paid on January 8, 2016.}

^{(5) The fourth quarter 2014 dividend of}^{$16.6 million}^{was paid on January 9, 2015.}

Dividends declared on common stock are recorded as a reduction of retained earnings to the extent retained earnings are available at the close of the period prior to the date of the declared dividend. Dividends in excess of retained earnings are recorded as a reduction of additional paid-in capital. Dividends recorded during the fiscal years ended December 31, 2017, 2016 and 2015 were as follows:



	Year Ended December 31,
	2017		2016		2015
	(In millions)
Dividends declared from retained earnings	(52.6	)	(67.8	)	(66.6	)
Dividends declared from additional paid-in capital	(17.7	)	—		—

On February 14, 2018, the Company's Board of Directors approved payment of a cash dividend of $0.63 per share of common stock, payable at the close of business on April 6, 2018 to the stockholders of record as of the close of business on March 19, 2018.

Treasury Stock

Repurchases of the Company's common stock are included in treasury stock at the cost of shares repurchased plus any transaction costs. Treasury stock may be re-issued when vested stock options are exercised, when restricted stock awards are granted and when restricted stock units settle in stock upon vesting. The cost of treasury stock re-issued is determined on the first-in, first-out (“FIFO”) method. The Company re-issued 281,185 shares, 136,818 shares and 356,930 shares, respectively, during the years ended December 31, 2017, 2016 and 2015 at a total FIFO cost of $10.1 million $4.9 million and $12.9 million, respectively.