10. Equity

Stock Repurchase Authorization

On August 20, 2015, the Company announced that its board of directors authorized a share repurchase program for up to $100 million of the Company’s common stock. The repurchases were intended to be implemented through open market transactions on U.S. exchanges or in privately negotiated transactions, in accordance with applicable securities laws, and any market purchases were made during open trading window periods or pursuant to any applicable Rule 10b5‑1 trading plans. The authorization expired December 31, 2016. During 2016, the Company repurchased 0.5 million shares of its common stock for an aggregate purchase price of $24.8 million, which the Company funded using cash on hand and borrowings under its revolving credit facility. The repurchased stock, which represents the entirety of shares that were repurchased under the authorization, was cancelled by the Company and has been reflected as an increase in accumulated deficit at December 31, 2016 in the accompanying consolidated financial statements.

Dividends

During 2018, the Company’s board of directors declared quarterly dividends totaling $3.40 per share of common stock for the full year, or an aggregate of $174.5 million in cash.

During 2017, the Company’s board of directors declared quarterly dividends totaling $3.20 per share of common stock for the full year, or an aggregate of $163.7 million in cash.

During 2016, the Company’s board of directors declared quarterly dividends totaling $3.00 per share of common stock for the full year, or an aggregate of $153.0 million in cash.

To maintain its qualification as a REIT for federal income tax purposes, the Company must distribute at least 90% of its REIT taxable income each year. The Company’s board of directors has approved the Company’s current dividend policy pursuant to which the Company plans to pay a quarterly cash dividend to stockholders in an amount equal to an annualized payment of at least 50% of adjusted funds from operations (as defined by the Company) less maintenance capital expenditures or 100% of REIT taxable income on an annual basis, whichever is greater. The declaration, timing and amount of dividends will be determined by future action of the Company’s board of directors. The dividend policy may be altered at any time by the Company’s board of directors.

Treasury Stock

On December 18, 2008, following approval by the Human Resources Committee and the Board of Directors, the Company and the Company’s Chairman of the Board of Directors and Chief Executive Officer (“Executive”) entered into an amendment to Executive’s employment agreement. The amendment provided Executive with the option of making an irrevocable election to invest his existing Supplemental Employee Retirement Plan (“SERP”) benefit in Company common stock, which election Executive subsequently made. The investment was made by a rabbi trust in which, during January 2009, the independent trustee of the rabbi trust purchased shares of Company common stock in the open market in compliance with applicable law. Executive is only entitled to a distribution of the Company common stock held by the rabbi trust in satisfaction of his SERP benefit. As such, the Company believes that the ownership of shares of common stock by the rabbi trust and the distribution of those shares to Executive in satisfaction of his SERP benefit meets the requirements necessary so that the Company will not recognize any increase or decrease in expense as a result of subsequent changes in the value of the Company common stock and the purchased shares are treated as treasury stock and the SERP benefit is included in additional paid-in capital in the Company’s accompanying consolidated financial statements. The increase in treasury stock for a particular year represents dividends received on shares of Company common stock held by the rabbi trust.

Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive loss by component consisted of the following (amounts in thousands):


			Other-Than-
	Minimum		Temporary
	Pension		Impairment of
	Liability		Investment		Total
Balance, December 31, 2015	$	(25,047)	$	—	$	(25,047)
Unrealized gains arising during period		2,599		—		2,599
Amounts reclassified from accumulated other comprehensive loss		180		—		180
Income tax expense		—		—		—
Net other comprehensive income		2,779		—		2,779
Balance, December 31, 2016	$	(22,268)	$	—	$	(22,268)
Unrealized gains (losses) arising during period		3,111		(6,543)		(3,432)
Amounts reclassified from accumulated other comprehensive loss		60		—		60
Income tax expense		(1,052)		—		(1,052)
Net other comprehensive income (loss)		2,119		(6,543)		(4,424)
Balance, December 31, 2017	$	(20,149)	$	(6,543)	$	(26,692)
Unrealized losses arising during period		(2,231)		—		(2,231)
Amounts reclassified from accumulated other comprehensive loss		(64)		333		269
Income tax benefit		630		—		630
Net other comprehensive income (loss)		(1,665)		333		(1,332)
Balance, December 31, 2018	$	(21,814)	$	(6,210)	$	(28,024)

Amounts reclassified from accumulated comprehensive loss related to the Company’s minimum pension liability are presented in other gains and (losses), net in the accompanying consolidated statements of operations.