Stock Offering – On January 27, 2017, the Company completed an offering of 18.2 million shares of its common stock and raised net proceeds of $472 million. The Company used the net proceeds of the offering to repay SSE’s outstanding indebtedness of approximately $472 million.

Cash Dividends – The Company paid cash dividends during the years ended December 31, 2019, 2018 and 2017 as follows:

	Per Share		Total
			(in thousands)
2019
Paid on March 21, 2019	$	0.04	$	8,499
Paid on June 20, 2019		0.04		8,344
Paid on September 19, 2019		0.04		7,847
Paid on December 19, 2019		0.04		7,738
Total cash dividends	$	0.16	$	32,428

2018
Paid on March 22, 2018	$	0.02	$	4,443
Paid on June 21, 2018		0.04		8,832
Paid on September 20, 2018		0.04		8,685
Paid on December 20, 2018		0.04		8,629
Total cash dividends	$	0.14	$	30,589

2017
Paid on March 22, 2017	$	0.02	$	3,326
Paid on June 22, 2017		0.02		4,269
Paid on September 21, 2017		0.02		4,271
Paid on December 21, 2017		0.02		4,449
Total cash dividends	$	0.08	$	16,315

On February 5, 2020, the Company’s Board of Directors approved a cash dividend on its common stock in the amount of $0.04 per share to be paid on March 19, 2020 to holders of record as of March 5, 2020. The amount and timing of all future dividend payments, if any, are subject to the discretion of the Board of Directors and will depend upon business conditions, results of operations, financial condition, terms of the Company’s debt agreements and other factors.

On September 6, 2013, the Company’s Board of Directors approved a stock buyback program that authorized purchases of up to $200 million of the Company’s common stock in open market or privately negotiated transactions. On July 25, 2018, the Company’s Board of Directors approved an increase of the authorization under the stock buyback program to allow for $250 million of future share repurchases. On February 6, 2019, the Company’s Board of Directors approved another increase of the authorization under the stock buyback program to allow for $250 million of future share repurchases. On July 24, 2019, the Company’s Board of Directors approved another increase of the authorization under the stock buyback program to allow for $250 million of future share repurchases. All purchases executed to date have been through open market transactions. Purchases under the program are made at management’s discretion, at prevailing prices, subject to market conditions and other factors. Purchases may be made at any time without prior notice. There is no expiration date associated with the buyback program. As of December 31, 2019, the Company had remaining authorization to purchase approximately $150 million of the Company’s outstanding common stock under the stock buyback program. Shares of stock purchased under the buyback program are held as treasury shares.

The Company acquired shares of stock from directors in 2017 and employees during 2019, 2018, and 2017 that are accounted for as treasury stock. Certain of these shares were acquired to satisfy the exercise price and employees’ tax withholding obligations upon the exercise of stock options. The remainder of these shares was acquired to satisfy payroll withholding obligations upon the settlement of performance unit awards and the vesting of restricted stock and restricted stock units. These shares were acquired at fair market value. These acquisitions were made pursuant to the terms of the Plan (as defined below) and not pursuant to the stock buyback program.

Treasury stock acquisitions during the years ended December 31, 2019, 2018 and 2017 were as follows (dollars in thousands):

	2019				2018				2017
	Shares		Cost		Shares		Cost		Shares		Cost
Treasury shares at beginning of period		53,701,096	$	1,080,448		43,802,611	$	918,711		43,392,617	$	911,094
Purchases pursuant to stock buyback program		22,566,331		250,109		9,331,131		150,497		5,503		109
Acquisitions pursuant to long-term incentive plan		1,037,947		14,205		567,354		11,240		404,491		7,508
Other		31,013		372		—		—		—		—
Treasury shares at end of period		77,336,387	$	1,345,134		53,701,096	$	1,080,448		43,802,611	$	918,711