Stockholders' Equity

12 Months Ended

Dec. 31, 2019

Stockholders' Equity Note [Abstract]

Stockholders' Equity

8. Stockholders’ Equity

Two-for-One Stock Split

On December 18, 2017, we effected a two-for-one stock split in the form of a 100% stock dividend. Share and per share amounts for 2017 presented in these financial statements have been retroactively restated to reflect this change in our capital structure.

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. We repurchased 1,897,322 shares under the Repurchase Program during 2019. In addition, 227,208 shares were withheld during 2019 to satisfy minimum tax withholding obligations for the vesting of long-term incentive and restricted stock awards, which are not subject to the Repurchase Program. In 2019, the Board authorized an increase of 700,000 shares that may be repurchased under the Repurchase Program. During 2018, we repurchased 1,066,409 shares under the Repurchase Program and 132,021 shares were withheld to satisfy minimum tax withholding obligations for the vesting of long-term incentive and restricted stock awards. At December 31, 2019, we were authorized to repurchase an additional 413,833 shares under the Repurchase Program. Shares repurchased under the Repurchase Program are recorded in treasury.

Dividends

The Board declared quarterly dividends as follows:

(amounts per share)	2019		2018
First quarter	$	0.30	$	0.20
Second quarter	0.30		0.20
Third quarter	0.30		0.20
Fourth quarter	0.30		0.20

During 2019 and 2018, we paid a total of $48.6 million and $33.4 million, respectively, in dividends.

Preferred Stock

At December 31, 2019, 20 million shares of preferred stock were authorized.