STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2017

STOCKHOLDERS’ EQUITY

Dividend policy

In 2016, the Company’s Board of Directors approved a dividend policy pursuant to which it plans to make, subject to subsequent declaration, regular quarterly cash dividends of $0.08 per share, beginning with the declaration and payment of a cash dividend in the first quarter of 2017. For each dividend paid, a dividend equivalent is paid simultaneously on unvested shares of service-based restricted stock. In addition, holders of performance-based restricted stock accrue dividend equivalents, for each of the dividend declared, that could be earned and become payable in the form of additional shares of common stock at the end of the respective performance period to the extent that the underlying shares of performance-based restricted stock were earned. All dividends were paid out of the Company's available cash.

Dividends

On January 29, 2018, the Company's Board of Directors declared a regular quarterly cash dividend of $0.08 per share, payable to stockholders of record as of March 6, 2018. The dividend, which is expected to total approximately $5.4 million, will be paid on March 20, 2018.

In 2017, the Company's Board of Directors declared the following dividends (payment in thousands):



Declaration Date	Dividend per Share	Record Date	Payment Date	Payment
January 30, 2017	$0.08	March 7, 2017	March 21, 2017	$5,342
May 2, 2017	$0.08	June 6, 2017	June 20, 2017	$5,350
July 31, 2017	$0.08	September 6, 2017	September 20, 2017	$5,351
October 30, 2017	$0.08	December 5, 2017	December 19, 2017	$5,350

On November 1, 2016, the Company’s Board of Directors declared a special cash dividend of $0.65 per share, payable to stockholders of record as of November 16, 2016. The dividend, totaling approximately $43.3 million, was paid on December 9, 2016.

On November 2, 2015, the Company’s Board of Directors declared a special cash dividend of $0.55 per share, payable to stockholders of record as of November 13, 2015. The dividend, totaling approximately $36.5 million, was paid on January 4, 2016.