Shareholders' Equity

12 Months Ended

Dec. 31, 2019

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 and all repurchases are in accordance with the rules and regulations of the SEC allowing the Company to repurchase shares from the open market.

Our open market repurchase programs are as follows:

Agreement Execution Date

Authorized Repurchase $

Expiration Date

June 2, 2016

$25 million

April 15, 2017

May 16, 2018

$15 million

March 1, 2019

March 5, 2019

$20 million

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. All 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:


	2019								2018							2017
	(in thousands, except share and per share data)
Program	Shares	Total $		$ per share		Shares	Total $		$ per share		Shares	Total $		$ per share
Open market	5,799	$	200	$	34.46	252,272	$	8,374	$	33.19	8,676	$	284	$	32.69
401(k)	419,963	19,386		46.16		497,753	18,472		37.11		467,580	16,336		34.94
Directors & employees	28,668	1,207		42.11		33,751	1,097		32.49		45,878	1,614		35.19
Total	454,430	$	20,793	$	45.76	783,776	$	27,943	$	35.65	522,134	$	18,234	$	34.92


	Inception to Date
	(in thousands, except share and per share data)
Program	Shares	Total $		$ per share
Open market	4,101,566	$	69,806	$	17.02
401(k)	7,467,739	119,927		16.06
Directors & employees	1,981,929	19,582		9.88
Total	13,551,234	$	209,315	$	15.45

Dividends

At the discretion of the Board of Directors, 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
May 18, 2018	June 8, 2018	July 6, 2018	$0.16
November 8, 2018	November 29, 2018	December 20, 2018	$0.16
May 20, 2019	June 3, 2019	July 1, 2019	$0.16
November 6, 2019	November 27, 2019	December 18, 2019	$0.16

We paid cash dividends of $16.6 million, $16.7 million, and $13.7 million in 2019, 2018, and 2017, respectively.