Stockholders’ Equity

Stock Repurchase - The Board has authorized three stock repurchase programs for the Company. Al1 other repurchases from directors or employees are contingent upon Board approval. All repurchases are done at current market prices.

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. In May 2018, the Board authorized up to $15.0 million in open market repurchases and on May 18, 2018, the Company executed a repurchase agreement in accordance with the rules and regulations of the SEC allowing the Company to repurchase shares from the open market. The agreement expired on March 1, 2019. In February 2019, the Board authorized up to $20.0 million in open market repurchases and on March 5, 2019, the Company executed a repurchase agreement in accordance with the rules and regulations of the SEC allowing the Company to repurchase shares from the open market. The agreement will expire on March 4, 2020.

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.

Our repurchase activity is as follows:



	Three months ended March 31,
	2019					2018
Program	Shares	Total $		$ per share		Shares	Total $		$ per share
Open market	5,799	$	199,841	$	34.46	—	$	—	$	—
401(k)	107,000	4,282,961		40.03		118,203	4,378,925		37.05
Directors and employees	15,705	588,053		37.44		15,492	559,688		36.13
Total	128,504	$	5,070,855	$	39.46	133,695	$	4,938,613	$	36.94



	Inception to date
Program	Shares	Total $		$ per share
Open market	4,101,566	$	69,805,654	$	17.02
401(k)	7,154,776	104,824,208		14.65
Directors and employees	1,968,966	18,962,711		9.63
Total	13,225,308	$	193,592,573	$	14.64

Subsequent to March 31, 2019 and through April 30, 2019, the Company repurchased 61,992 shares for $2.9 million from our 401(k) savings and investment plan.

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 18, 2018	June 8, 2018	July 6, 2018	$0.16
November 8, 2018	November 29, 2018	December 20, 2018	$0.16