Stockholders' Deficit

Stock Repurchase Programs

On October 1, 2015, the Company's Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to $150 million of its common stock (the “2015 Repurchase Program”) on an opportunistic basis from time to time in open market transactions and in privately negotiated transactions based on business, market, applicable legal requirements and other considerations. The Company has repurchased 1,479,496 shares of stock for $117.8 million under the 2015 Repurchase Program. The Company may repurchase up to an additional $32.2 million of common stock under the 2015 Repurchase Program.

Shares repurchased under the 2015 Repurchase Program during the fiscal years ended December 31, 2018, 2017 and 2016 are summarized as follows:



	Repurchases			Remaining Value that may be Repurchased
Year Ended December 31,	Shares	Amount		Remaining Value that may be Repurchased
		(Dollars in millions)
2018	478,839	$	34.9	$	32.2
2017	145,786	$	10.0	$	67.1
2016	650,384	$	55.3	$	77.1

In February 2019, the Company’s Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to $200 million of the Company’s common stock (“2019 Repurchase Program”) on an opportunistic basis from time to time in the open market or in privately negotiated transactions based on business, market, applicable legal requirements and other considerations. The 2019 Repurchase Program, as approved by the Board of Directors, does not require the repurchase of a specific number of shares and can be terminated at any time. In connection with the approval of the 2019 Repurchase Program, the Board of Directors terminated the prior repurchase program approved in October 2015 which had authorized the Company to repurchase up to $150 million of the Company’s common stock.

Dividends

During the fiscal years ended December 31, 2018, 2017 and 2016, the Company declared and paid dividends on common stock as follows:



Year ended December 31, 2018	Declaration Date	Payment Date	Dividends declared per share		Dividends paid per share		Total dividends paid⁽¹⁾
							(In millions)
Payment of prior year declaration	(3)	January 5, 2018	—		$	0.97	$	17.7
First quarter	February 14, 2018	April 6, 2018	$	0.63	0.63		11.5
Second quarter	May 14, 2018	July 6, 2018	0.63		0.63		11.4
Third quarter	August 2, 2018	October 5, 2018	0.63		0.63		11.4
Fourth quarter	October 6, 2018	(2)	0.63		—		—
Total			$	2.52	$	2.86	$	52.0



Year ended December 31, 2017
Payment of prior year declaration	(4)	January 6, 2017	—		$	0.97	$	17.5
First quarter	February 22, 2017	April 7, 2017	$	0.97	0.97		17.5
Second quarter	May 15, 2017	July 7, 2017	0.97		0.97		17.5
Third quarter	August 10, 2017	October 6, 2017	0.97		0.97		17.8
Fourth quarter	October 6, 2017	(3)	0.97		—		—
Total			$	3.88	$	3.88	$	70.3



Year ended December 31, 2016
Payment of prior year declaration	(5)	January 8, 2016	$	—	$	0.92	$	17.1
First quarter	February 23, 2016	April 8, 2016	$	0.92	0.92		17.0
Second quarter	May 16, 2016	July 8, 2016	0.92		0.92		16.8
Third quarter	July 28, 2016	October 7, 2016	0.92		0.92		16.7
Fourth quarter	October 31, 2016	(4)	0.97		—		—
Total			$	3.73	$	3.68	$	67.6

^{(1) Includes dividend equivalents paid on restricted stock units}

^{(2) The fourth quarter 2018 dividend of}^{$11.4 million}^{was paid on January 4, 2019.}

^{(3) The fourth quarter 2017 dividend of}^$17.7^{million was paid on January 5, 2018.}

^{(4) The fourth quarter 2016 dividend of}^$17.5^{million was paid on January 6, 2017.}

^{(5) The fourth quarter 2015 dividend of}^{$17.1 million}^{was paid on January 8, 2016.}

Dividends declared on common stock are recorded as a reduction of retained earnings to the extent retained earnings are available at the close of the period prior to the date of the declared dividend. Dividends in excess of retained earnings are recorded as a reduction of additional paid-in capital. Dividends recorded during the fiscal years ended December 31, 2018, 2017 and 2016 were as follows:



	Year Ended December 31,
	2018			2017			2016
	(In millions)
Dividends declared from retained earnings	$	—		$	(52.6	)	$	(67.8	)
Dividends declared from additional paid-in capital	$	(44.7	)	$	(17.7	)	$	—

On February 20, 2019, our Board of Directors approved payment of a cash dividend of $0.69 per share of common stock, payable at the close of business on April 5, 2019 to the stockholders of record as of the close of business on March 20, 2019.

Treasury Stock

Repurchases of the Company's common stock are included in treasury stock at the cost of shares repurchased plus any transaction costs. Treasury stock may be re-issued when vested stock options are exercised, when restricted stock awards are granted and when restricted stock units settle in stock upon vesting. The cost of treasury stock re-issued is determined on the first-in, first-out (“FIFO”) method. The Company re-issued $167,396 shares, $281,185 shares and $136,818 shares, respectively, during the years ended December 31, 2018, 2017 and 2016 at a total FIFO cost of $6.5 million, $10.1 million and $4.9 million, respectively.