Stockholders' Equity

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

Stockholders' Equity

8. Stockholders’ Equity

Common Stock

As of December 31, 2016 and 2015, the Company had 110,000,000 authorized shares of voting common stock and 10,000,000 authorized shares of non-voting common stock. Voting common stock entitles the holder to one vote per share of common stock held.

The following is a summary of the change in the Company’s outstanding shares of voting common stock:

	Year Ended December 31,
		2016		2015		2014
	(In thousands)
Outstanding shares of voting common stock at the beginning of year		37,409		37,319		37,729
Exercise of stock options		181		183		120
Issuance of restricted stock, net of shares withheld for tax payments    and cancellations		104		178		116
Repurchases		(150	)	(271	)	(646	)
Outstanding shares of voting common stock at the end of year		37,544		37,409		37,319

In January 2014, the Board of Directors of the Company authorized a two-year share repurchase program for up to $35.0 million of the Company’s common stock, and in July 2014, the Board of Directors increased the authorization by an additional $65.0 million. A total of 917,354 shares were repurchased under this program. In January 2016, the Board of Directors authorized a new two-year share repurchase program for up to $25.0 million of the Company’s common stock which commenced on March 1, 2016.  In October 2016, the Board of Directors approved a $50.0 million increase in the size of the repurchase program.  A total of 155,868 shares have been repurchased under this program. As of December 31, 2016, approximately $51.1 million was available for future repurchases. Shares repurchased under the programs will be held in treasury for future use.

Dividends

During 2016, 2015 and 2014, we paid quarterly cash dividends of $0.26 per share, $0.20 per share and $0.16 per share, respectively. Any future declaration and payment of dividends will be at the sole discretion of the Company’s Board of Directors. The Board of Directors may take into account such matters as general business conditions, the Company’s financial results, capital requirements, contractual obligations, legal, and regulatory restrictions on the payment of dividends to the Company’s stockholders or by the Company’s subsidiaries to their respective parent entities, and any such other factors as the Board of Directors may deem relevant.