COMMON STOCK REPURCHASES AND CASH DIVIDENDS:

Common Stock Repurchases

Over the years the Company’s board of directors has authorized the use of funds to repurchase shares of the Company’s common stock, including $60.0 million, $30.0 million and $110.0 million in 2015, 2017, and 2018, respectively, with repurchases to be executed according to pre-defined price/volume guidelines. In 2016, 2017 and 2018 the Company purchased 146,000, 129,000 and 1,572,000 shares, respectively, for approximately $6.4 million, $9.2 million and $103.2 million, respectively. As of December 31, 2018, the Company had $51.2 million available for future stock repurchases, which has no expiration date. Authorization of future stock repurchase programs is at the discretion of the board of directors and will depend on the Company’s financial condition, results of operations, capital requirements and business conditions as well as other factors.

Common Stock Dividend

The following table presents the quarterly dividends declared per share of the Company’s common stock for the periods indicated:



	Year Ended December 31,
	2018		2017		2016
First Quarter	$	0.16	$	0.14	$	0.13
Second Quarter	$	0.16	$	0.14	$	0.13
Third Quarter	$	0.16	$	0.14	$	0.13
Fourth Quarter	$	0.16	$	0.14	$	0.13

The Company paid a total of approximately $18.8 million, $16.6 million and $15.1 million in cash dividends during 2018, 2017 and 2016, respectively.

In January 2019, the Company’s board of directors declared a $0.17 per share quarterly dividend for each quarter in 2019. The declaration of any future cash dividend is at the discretion of the board of directors and will depend on the Company’s financial condition, results of operations, capital requirements, business conditions and other factors, as well as a determination that cash dividends are in the best interest of the Company’s stockholders.