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Shareholders' Equity
6 Months Ended
Jun. 30, 2020
Shareholders' Equity [Abstract]  
Shareholders' Equity 11.SHAREHOLDERS’ EQUITY

Common Stock Equivalents

The Company has outstanding stock options, time-based restricted stock units (“RSUs”), and performance-based restricted stock units (“PSUs”) which were considered in the Company’s diluted earnings per share calculation (see Note 15).

Stock Repurchases

The Company’s Board of Directors authorizes the Company to purchase, from time to time, outstanding Class A common stock through open market repurchases in compliance with Rule 10b-18 under the Exchange Act and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements and other factors. Once authorized, the repurchase plan has no time deadline and will continue until otherwise modified or terminated by the Company’s Board of Directors at any time in its sole discretion. Shares repurchased are retired. As of the date of this filing, the Company had $424.3 million of authorization remaining under the current stock repurchase plan.

The following is a summary of the Company’s share repurchases:

For the three months

For the six months

ended June 30,

ended June 30,

2020

2019

2020

2019

Total number of shares purchased (in millions) (1)

0.5

0.8

0.5

Average price paid per share (1)

$

$

204.06

$

242.86

$

204.06

Total price paid (in millions) (1)

$

$

94.6

$

200.0

$

94.6

(1) Amounts are calculated based on the trade date. For the six months ended June 30, 2020, this differs from the Consolidated Statements of Cash Flows which calculate share repurchases based on the settlement date and includes an additional $3.3 million spent to repurchase 13,870 shares which settled on January 2, 2020.

Dividends

As of June 30, 2020, the Company paid the following cash dividends:

Payable to Shareholders

of Record At the Close

Cash Paid

Aggregate Amount

Date Declared

of Business on

Per Share

Paid

Date Paid

February 20, 2020

March 10, 2020

$0.465

$52.2 million

March 26, 2020

May 5, 2020

May 28, 2020

$0.465

$52.0 million

June 18, 2020

Subsequent to June 30, 2020, the Company declared the following cash dividends:

Payable to Shareholders

Cash to

of Record At the Close

be Paid

Date Declared

of Business on

Per Share

Date to be Paid

August 3, 2020

August 25, 2020

$0.465

September 22, 2020