Stockholders' Deficit

3 Months Ended

Mar. 31, 2020

Dividends

During the three months ended March 31, 2020, the Company paid dividends on common stock of $11.5 million, representing a cash dividend of $0.69 per share declared in the fourth quarter of 2019, paid on January 10, 2020 to stockholders of record at the close of business on December 20, 2019. On February 20, 2020, the Company's Board of Directors declared a first quarter 2020 cash dividend of $0.76 per share of common stock. This dividend was paid on April 3, 2020 to stockholders of record at the close of business on March 20, 2020. Dividends payable at March 31, 2020 were $12.7 million.

Dividends declared and paid per share for the three months ended March 31, 2020 and 2019 were as follows:



	Three months ended March 31,
	2020		2019
Dividends declared per common share	$	0.76	$	0.69
Dividends paid per common share	$	0.69	$	0.63

Stock Repurchase Program

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.

A summary of shares repurchased under the 2019 Repurchase Program, during three months ended March 31, 2020 and cumulatively, is as follows:



	Shares	Cost of shares
		(In millions)
Repurchased during the three months ended March 31, 2020	459,899	$	26.5
Cumulative (life-of-program) repurchases	1,697,597	$	129.8
Remaining dollar value of shares that may be repurchased	n/a	$	70.2

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 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 using the first-in, first-out (“FIFO”) method. During the three months ended March 31, 2020, the Company re-issued 367,200 shares of treasury stock at a total FIFO cost of $16.6 million.