Stockholders’ Equity

Stock Repurchase - The Board has authorized three stock repurchase programs for the Company. The Company may purchase shares on the open market from time to time, up to a total of 5.7 million shares. The Board must authorize the timing and amount of these purchases. Effective May 24, 2016, the Board authorized up to $25.0 million in open market repurchases and on June 2, 2016, the Company executed a repurchase agreement in accordance with the rules and regulations of the SEC allowing the Company to repurchase an aggregate amount of $25.0 million or a total of approximately 2.0 million shares from the open market. The agreement expired on April 15, 2017. The Company also has a stock repurchase arrangement by which employee-participants in our 401(k) savings and investment plan are entitled to have shares in AAON, Inc. stock in their accounts sold to the Company. The maximum number of shares to be repurchased is contingent upon the number of shares sold by employee-participants. Lastly, the Company repurchases shares of AAON, Inc. stock from certain of its directors and employees for payment of statutory tax withholdings on stock transactions. Al1 other repurchases from directors or employees are contingent upon Board approval. All repurchases are done at current market prices.

Our repurchase activity is as follows:



	Three Months Ended March 31,										Inception to date
	2018					2017					Inception to date
Program	Shares	Total $		$ per share		Shares	Total $		$ per share		Shares	Total $		$ per share
Open market	—	$	—	$	—	6,100	$	195,993	$	32.13	3,843,495	$	61,232,115	$	15.93
401(k)	118,203	4,378,925		37.05		176,429	6,107,515		34.62		6,668,226	86,447,730		12.96
Directors and employees	15,492	559,688		36.13		16,399	559,605		34.12		1,935,002	17,845,721		9.22
Total	133,695	$	4,938,613	$	36.94	198,928	$	6,863,113	$	34.50	12,446,723	$	165,525,566	$	13.30

Dividends - At the discretion of the Board, we pay semi-annual cash dividends. Board approval is required to determine the date of declaration and amount for each semi-annual dividend payment.

Our recent dividends are as follows:



Declaration Date	Record Date	Payment Date	Dividend per Share
May 16, 2017	June 9, 2017	July 7, 2017	$	0.13
November 7, 2017	November 30, 2017	December 21, 2017	$	0.13