Stockholders' Equity

3 Months Ended

Mar. 31, 2015

Stockholders' Equity

Stockholders' Equity

7.   Stockholders’ Equity

The Company’s Board of Directors did not declare or pay a dividend for the three months ended March 31, 2014.  On February 18, 2015, the Company’s Board of Directors reinstated its common stock dividend program declaring a quarterly dividend payable in the amount of $0.05 per share on March 15, 2015 to its stockholders of record as of the close of business on March 5, 2015.  Common stock dividends of $2.6 million were paid during the three months ended March 31, 2015.  On May 5, 2015, the Company’s Board of Directors declared a quarterly cash dividend of $0.05 per share, payable on June 15, 2015, to shareholders of record on June 5, 2015.

In December 2013, the Company’s Board of Directors approved a share repurchase program with a total of $150 million of purchases authorized.  During the three months ended March 31, 2015 and March 31, 2014, the Company repurchased 80,500 and 1,013,341 shares, respectively, at an average price of $20.88 per share and $20.50 per share, respectively.  As of March 31, 2015, the Company had repurchased a total of 2,158,141 shares at an average price of $20.57 per share under this program.  During the period April 1, 2015 through April 27, 2015, the Company repurchased an additional 150,700 shares at an average share price of $21.80.  All of the above mentioned repurchases were funded from operating cash flows, cash on hand, and borrowings and the shares are initially held as treasury stock.  Subsequent to these repurchases, the Company’s remaining authorization to repurchase its common stock is approximately $102.3 million.