Stockholders' Equity

12 Months Ended

Dec. 31, 2015

Stockholders' Equity Note [Abstract]

Stockholders' Equity

9. Stockholders’ Equity

Repurchase Program

Our Board of Directors (the “Board”) has authorized a program to repurchase shares of our outstanding common stock (“Repurchase Program”).  The purchases are to be made from time to time in the open market or directly from stockholders at prevailing market prices based on market conditions or other factors.  During 2014, we repurchased 580,804 shares under the Repurchase Program and 112,458 shares were withheld to satisfy minimum tax withholding obligations for the vesting of restricted stock awards. In 2015, the Board authorized an increase of one million shares that may be repurchased under the Repurchase Program. We repurchased 1,244,433 shares under the Repurchase Program during 2015.  In addition, 114,523 shares were withheld during 2015 to satisfy minimum tax withholding obligations for the vesting of restricted stock awards, which are not subject to the Repurchase Program.  At December 31, 2015, we were authorized to repurchase an additional 524,332 shares under the Repurchase Program.  Shares repurchased under the Repurchase Program and shares withheld to satisfy minimum tax withholding obligations for the vesting of restricted stock awards are recorded in treasury.

Dividends

The Board declared quarterly dividends in 2015 and 2014 as follows:

	2015		2014
	(amounts per share)
First quarter	$	0.19	$	0.17
Second quarter	0.22		0.19
Third quarter	0.22		0.19
Fourth quarter	0.22		2.19		(1)

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⁽¹⁾    Includes a $2.00 per share special dividend

During 2015 and 2014, we paid a total of $21.2 million and $69.5 million, respectively in dividends. The dividends paid in 2014 includes a one-time special dividend of $50.7 million.

Preferred Stock

At December 31, 2015, 20 million shares of preferred stock were authorized, of which 600,000 shares were designated as Series A Junior Participating Preferred Stock that is reserved for issuance on exercise of preferred stock purchase rights under our Share Purchase Rights Plan (the “Rights Plan”).  Each issued share of our common stock has one preferred stock purchase right attached to it.  No preferred shares have been issued and the rights are not currently exercisable.  The Rights Plan expires on November 13, 2017.