Stockholders' Equity

9 Months Ended

Sep. 30, 2020

Stockholders’ Equity

Stock Repurchases

The Board of Directors authorized the Company to make repurchases of up to $20,000 of shares of the Company’s outstanding common stock in the aggregate, at the discretion of the Company's Executive Committee. The following table presents the Company’s stock repurchase activity and remaining authorization.


	Nine Months Ended September 30, 2020
	Number of shares purchased	Average price per share
Share repurchase plan	977,302	$	5.80
Block repurchase	500,000	7.00
Total	1,477,302	$	6.20

Remaining repurchase authorization		$	10,796

Dividends

The Company declared cash dividends per share for the following periods presented below:


	Dividends per share for the
	Nine Months Ended September 30,
	2020		2019
First quarter	$	0.04	$	0.04
Second quarter	0.04		0.04
Third quarter (1)	0.04		0.04

Total cash dividends declared	$	0.12	$	0.12

(1) See Note (24) Subsequent Events for when dividend was declared.

Statutory Reporting and Insurance Company Subsidiaries Dividend Restrictions

The Company’s U.S. insurance subsidiaries prepare financial statements in accordance with Statutory Accounting Principles (SAP) prescribed or permitted by the insurance departments of their states of domicile. Prescribed SAP includes the Accounting Practices and Procedures Manual of the National Association of Insurance Commissioners (the NAIC) as well as state laws, regulations and administrative rules.

Statutory Capital and Surplus

The Company’s insurance company subsidiaries must maintain minimum amounts of statutory capital and surplus as required by regulatory authorities, including the NAIC; their capital and surplus levels exceeded respective minimum requirements as of September 30, 2020 and December 31, 2019.

Statutory Dividends

The Company’s U.S. domiciled insurance company subsidiaries may pay dividends to the Company, subject to statutory restrictions. Payments in excess of statutory restrictions (extraordinary dividends) to the Company are permitted only with prior approval of the insurance department of the applicable state of domicile. The Company eliminates all dividends from its subsidiaries in the condensed consolidated financial statements. The following table presents the dividends paid to the Company by its U.S domiciled insurance company subsidiaries and the combined amount available for ordinary dividends of the Company's U.S. domiciled insurance company subsidiaries for the following periods:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Ordinary dividends	—		—		$	—	$	9,001
Extraordinary dividends	—		—		—		1,188
Total dividends	$	—	$	—	$	—	$	10,189

					As of
					September 30, 2020		December 31, 2019
Amount available for ordinary dividends of the Company's insurance company subsidiaries					$	13,418	$	4,527

At September 30, 2020, the maximum amount of dividends that our U.S. domiciled regulated insurance company subsidiaries could pay under applicable laws and regulations without regulatory approval was approximately $13,418. The Company may seek regulatory approval to pay dividends in excess of this permitted amount, but there can be no assurance that the Company would receive regulatory approval if sought.