Stockholders' Equity

12 Months Ended

Dec. 31, 2015

Share Repurchases [Abstract]

Stockholders' Equity

Equity

In 2001, our Board of Directors authorized a program to repurchase 15.4 million shares, adjusted for stock splits, of our common stock in open market or negotiated transactions using available cash, cash equivalents and investments which was subsequently amended in February 2012. Upon completing the prior authorizations, the Board approved new authorizations of 4.8 million shares in November, 2015. Approximately 4.2 million shares remained authorized for repurchase under the program as of December 31, 2015 and the program has no expiration date. There were 3.8 million shares repurchased in the open market during the year ended December 31, 2015 and no shares were repurchased during the years ended December 31, 2014 and 2013. Shares repurchased during 2015 were accounted for as treasury stock. We account for treasury stock using the average cost method. The specific timing and amount of repurchases will be determined by market conditions, cash flow requirements, securities law limitations, and other factors. Repurchases are expected to continue from time to time, as conditions permit, until the number of shares authorized to be repurchased have been bought, or until the authorization to repurchase is terminated, whichever occurs first. The share repurchase authorization is discretionary and has no expiration date. The repurchase program may be suspended, modified, or discontinued at any time without prior notice.

During the years ended December 31, 2015, 2014 and 2013 our Board of Directors declared regular quarterly dividends totaling $6.9 million, $7.0 million, and $6.9 million for each year, respectively.  Future payment of cash dividends and the amount of such dividends will depend upon our financial conditions, our results of operations, our cash requirements, our tax treatment, and certain corporate law requirements, as well as factors deemed relevant by our Board of Directors.