STOCKHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2022

Equity Abstract

STOCKHOLDERS' EQUITY

8. STOCKHOLDERS’ EQUITY:

Common Stock Shares Outstanding

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands)	2022		2021		2022		2021
Beginning balance		57,134		60,344		59,913		59,910
Common stock issued under employee stock plans		61		104		785		873
Repurchased		—		(120)		(3,503)		(455)
Ending balance		57,195		60,328		57,195		60,328

Common Stock Repurchases

As of December 31, 2021, the Company had $67.3 million remaining under its stock-repurchase program. In January, February and April 2022, the Company’s board of directors authorized the use of an additional $100 million, $50 million and $75 million, respectively, 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, 2022 the Company purchased 3.5 million shares for $292.3 million, leaving no funds authorized as of September 30, 2022. In October 2022, the Company’s board of directors authorized the use of an additional $100 million for the repurchase of our 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 Company’s board of directors and will depend on the Company’s financial condition, results of operations, capital requirements, business conditions and other factors; the program has no expiration date.

Cash Dividends

In January 2021, the Company’s board of directors declared 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 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.

In January 2022, the Company’s board of directors raised the quarterly cash dividend by an additional $0.03 per share with the declaration of four cash dividends of $0.18 per share (in lieu of the $0.15 per share announced in October 2021) to be paid to stockholders of record at the end of each quarter in 2022.

For the three and nine months ended September 30, 2022 and 2021, cash dividends declared and paid were as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands, except per share amounts)	2022		2021		2022		2021
Dividends declared and paid	$	10,293	$	7,840	$	31,229	$	23,552
Dividends declared per common share	$	0.18	$	0.13	$	0.54	$	0.39