Stockholders' Deficit

12 Months Ended

Dec. 31, 2019

Stock Repurchase Programs

In February 2019, the Company’s Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to $200 million of the Company’s common stock (the “2019 Repurchase Program”) on an opportunistic basis from time to time in the open market or in privately negotiated transactions based on business, market, applicable legal requirements and other considerations. The 2019 Repurchase Program, as approved by the Board of Directors, does not require the repurchase of a specific number of shares and can be terminated at any time. In connection with the approval of the 2019 Repurchase Program, the Board of Directors terminated the prior repurchase program approved in October 2015 (the “2015 Repurchase Program”) which had authorized the Company to repurchase up to $150 million of the Company’s common stock.

A summary of shares repurchased under the 2019 Repurchase Program and the 2015 Repurchase Program, during the year ended December 31, 2019 and cumulatively for each program, is as follows:



	Shares	Cost of shares
		(In millions)
2019 Repurchase Program:
Repurchased during the year ended December 31, 2019	1,237,698	$	103.3
Cumulative (life-of-program) repurchases	1,237,698	$	103.3
Remaining dollar value of shares that may be repurchased	n/a	$	96.7

2015 Repurchase Program:
Repurchased during the year ended December 31, 2019	110,499	$	8.4
Cumulative (life-of-program) repurchases	1,589,995	$	126.2
Remaining dollar value of shares that may be repurchased	n/a	n/a

Dividends

During the fiscal years ended December 31, 2019, 2018 and 2017, the Company declared and paid dividends on common stock as follows:



Year ended December 31, 2019	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 4, 2019	—		$	0.63	$	11.4
First quarter	February 20, 2019	April 5, 2019	$	0.69	0.69		12.5
Second quarter	May 13, 2019	July 12, 2019	0.69		0.69		12.2
Third quarter	August 1, 2019	October 4, 2019	0.69		0.69		11.8
Fourth quarter	October 8, 2019	(2)	0.69		—		—
Total			$	2.76	$	2.70	$	47.9



Year ended December 31, 2018
Payment of prior year declaration	(4)	January 5, 2018	—		$	0.97	$	17.7
First quarter	February 14, 2018	April 6, 2018	$	0.63	0.63		11.5
Second quarter	May 14, 2018	July 6, 2018	0.63		0.63		11.4
Third quarter	August 2, 2018	October 5, 2018	0.63		0.63		11.4
Fourth quarter	October 6, 2018	(3)	0.63		—		—
Total			$	2.52	$	2.86	$	52.0



Year ended December 31, 2017
Payment of prior year declaration	(5)	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	(4)	0.97		—		—
Total			$	3.88	$	3.88	$	70.3

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

^{(2) The fourth quarter 2019 dividend of}^$11.7^{million was paid on January 10, 2020.}

^{(3) The fourth quarter 2018 dividend of}^$11.4^{million was paid on January 4, 2019.}

^{(4) The fourth quarter 2017 dividend of}^$17.7^{million was paid on January 5, 2018.}

^{(5) The fourth quarter 2016 dividend of}^$17.5^{million was paid on January 6, 2017.}

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, 2019, 2018 and 2017 were as follows:



	Year Ended December 31,
	2019			2018			2017
	(In millions)
Dividends declared from retained earnings	$	(48.1	)	$	—		$	(52.6	)
Dividends declared from additional paid-in capital	$	—		$	(44.7	)	$	(17.7	)

On February 20, 2020, our Board of Directors approved payment of a cash dividend of $0.76 per share of common stock, payable at the close of business on April 3, 2020 to the stockholders of record as of the close of business on March 20, 2020.

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 285,302 shares, 167,396 shares and 281,185 shares, respectively, during the years ended December 31, 2019, 2018 and 2017 at a total FIFO cost of $12.5 million, $6.5 million and $10.1 million, respectively.