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STOCKHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2018
Equity [Abstract]  
STOCKHOLDERS' EQUITY
10. STOCKHOLDERS’ EQUITY
Preferred stock
The Company has 1 million authorized shares of preferred stock. The Board of Directors has the authority to issue the shares of preferred stock in one or more series, to establish the number of shares to be included in each series, and to determine the designation, powers, preferences, and rights of the shares of each series and the qualifications, limitations, or restrictions thereof, without any further vote or action by the stockholders. The issuance of preferred stock could decrease the amount of earnings and assets available for distribution to holders of common stock, and may have the effect of delaying, deferring, or defeating a change in control of the Company. The Company had not issued any shares of preferred stock through December 31, 2018.
Common stock
The Company has 200 million authorized shares of common stock, $0.01 par value per share, of which 78.5 million shares were issued and outstanding at December 31, 2018.
Dividends declared
 (per share)
2018
 
2017
 
2016
Dividends Declared
$
0.12

 
$
0.12

 
$
0.12


Dividend payments
(in thousands)
2018
 
2017
 
2016
Dividend payments to shareholders
$
9,432

 
$
9,277

 
$
9,174


It is the Company’s current intention to pay a quarterly cash dividend of $0.03 per share, however, the Board of Directors may terminate or modify this dividend program at any time without prior notice.
Stock repurchases
(in thousands)
2018
 
2017
 
2016
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
Authorization remaining, beginning of period
 
 
$
34,892

 
 
 
$
39,385

 
 
 
$
40,534

Authorizations
 
 
$
27,003

 
 
 
$
—

 
 
 
$
25,879

Repurchases paid
980

 
$
(54,276
)
 
96

 
$
(4,335
)
 
1,078

 
$
(27,028
)
Repurchases unsettled
21

 
$
(999
)
 
3

 
$
(158
)
 
—

 
$
—

Authorization remaining, end of period
 
 
$
6,620

 
 
 
$
34,892

 
 
 
$
39,385


On June 21, 2018, the Company announced that its Board of Directors extended the expiration date of the current stock repurchase program to June 30, 2019 and increased the amount of common stock the Company is authorized to repurchase to $50 million between June 15, 2018 and June 30, 2019 (the “Current Program”). Under the Current Program, purchases may be made from time to time on the open market or in privately negotiated transactions. Shares may be repurchased in such amounts as market conditions warrant, subject to regulatory and other considerations. The Company has established a pre-arranged stock repurchase plan, intended to comply with the requirements of Rule 10b5-1 under the Exchange Act, and Rule 10b-18 under the Exchange Act (the “10b5-1 Plan”). All stock repurchases under the Current Program during closed trading window periods will be made pursuant to the 10b5-1 Plan.