STOCKHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2021

Equity Abstract

STOCKHOLDERS' EQUITY

8. STOCKHOLDERS’ EQUITY:

Common Stock Shares Outstanding

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands)	2021		2020		2021		2020
Beginning balance		60,344		59,752		59,910		58,862
Common stock issued under employee stock plans		104		103		873		1,057
Repurchased		(120)		—		(455)		(64)
Ending balance		60,328		59,855		60,328		59,855

Common Stock Repurchases

As of December 31, 2020, the Company had $41.3 million remaining under its stock-repurchase program. In April 2021, the Company’s board of directors authorized the use of an additional $50.0 million for the repurchase of the Company’s common stock, with repurchases to be executed according to pre-defined price/volume guidelines. In the nine months ended September 30, 2021 the Company purchased approximately 455,000 shares for $36.2 million. As of September 30, 2021, the Company had $55.1 million remaining under its current repurchase program, which has no expiration date. In October 2021, the Company’s board of directors authorized the use of an additional $50.0 million for the repurchase of the Company’s common stock, with repurchases to be executed according to pre-defined price/volume guidelines. Authorization of future 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, business conditions and other factors.

Cash Dividends

In October 2019, the Company’s board of directors declared four quarterly cash dividends of $0.095 per share to be paid to stockholders of record at the end of each quarter in 2020. In April 2020, the Company’s board of directors raised the cash dividends with the declaration of three cash dividends of $0.105 per share (in lieu of the $0.095 per share previously announced in October 2019) to be paid to stockholders of record at the end of each of the second, third and fourth quarter in 2020. In July 2020, the Company’s board of directors raised the cash dividends further with the declaration of two cash dividends of $0.11 per share (in lieu of the $0.105 per share announced in April 2020) to be paid to stockholders of record at the end of each of the third and fourth quarter in 2020.

In January 2021, the Company’s board of directors raised the quarterly cash dividend by an additional $0.02 per share with the declaration of four cash dividends of $0.13 per share to be paid to stockholders of record at the end of each quarter in 2021. In October 2021, the Company’s board of directors raised the quarterly cash dividend again with the declaration of five cash dividends of $0.15 per share (in lieu of the $0.13 per share announced in January 2021) to be paid to stockholders of record at the end of the fourth quarter in 2021 and at the end of each quarter in 2022.

For the three and nine months ended September 30, 2021 and 2020, cash dividends declared and paid were as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands, except per share amounts)	2021		2020		2021		2020
Dividends declared and paid	$	7,840	$	6,582	$	23,552	$	18,497
Dividends declared per common share	$	0.13	$	0.11	$	0.39	$	0.31