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.

Agreement Execution Date

Authorized Repurchase $

Expiration Date

May 16, 2018 1

$15 million

March 1, 2019

March 5, 2019 1

$20 million

March 4, 2020

March 13, 2020

$20 million

** 2

1 The 2018 and 2019 purchase authorizations were executed under 10b5-1 programs.

2 Expiration Date is at Board's discretion. The Company is authorized to effectuate repurchases of the Company's common stock on terms and conditions approved in advance by the Board.

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.


	Nine Months Ended
	September 30, 2020					September 30, 2019
	(in thousands, except share and per share data)
Program	Shares	Total $		$ per share		Shares	Total $		$ per share
Open market	103,689	$	4,987	$	48.10	5,799	$	200	$	34.46
401(k)	303,112	16,403		54.12		335,139	15,237		45.46
Directors and employees	22,655	1,130		49.88		24,948	1,023		41.00
Total	429,456	$	22,520	$	52.44	365,886	$	16,460	$	44.99

Our repurchase activity since Company inception, including our current authorized stock repurchase programs, are as follows:


	Inception to			September 30, 2020
	(in thousands, except share and per share data)
Program	Shares	Total $			$ per share
Open market	4,205,255	$	74,793		$	17.79
401(k)	7,770,851	136,330			17.54
Directors and employees	2,004,584	20,712			10.33
Total	13,980,690	$	231,835		$	16.58

Subsequent to September 30, 2020 and through November 3, 2020, the Company repurchased 52,646 shares for $3.3 million from our 401(k) savings and investment plan.

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.


Declaration Date	Record Date	Payment Date	Dividend per Share
May 20, 2019	June 3, 2019	July 1, 2019	$0.16
November 6, 2019	November 27, 2019	December 18, 2019	$0.16
May 15, 2020	June 3, 2020	July 1, 2020	$0.19