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 of 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.


	2020					2019					2018
	(in thousands, except share and per share data)
Program	Shares	Total $		$ per share		Shares	Total $		$ per share		Shares	Total $		$ per share
Open market	103,689	$	4,987	$	48.10	5,799	$	200	$	34.46	252,272	$	8,374	$	33.19
401(k)	438,921	25,073		57.12		419,963	19,386		46.16		497,753	18,472		37.11
Directors & employees	23,272	1,169		50.23		28,668	1,207		42.11		33,751	1,097		32.49
Total	565,882	$	31,229	$	55.19	454,430	$	20,793	$	45.76	783,776	$	27,943	$	35.65


	Inception to Date
	(in thousands, except share and per share data)
Program	Shares	Total $		$ per share
Open market	4,205,255	$	74,793	$	17.79
401(k)	7,906,660	145,000		18.34
Directors & employees	2,005,201	20,751		10.35
Total	14,117,116	$	240,544	$	17.04

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.


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
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
November 10, 2020	November 27, 2020	December 18, 2020	$0.19

We paid cash dividends of $19.8 million, $16.6 million, and $16.7 million in 2020, 2019, and 2018, respectively.