Stockholders' Deficit

9 Months Ended

Sep. 30, 2019

Dividends

During the nine months ended September 30, 2019, the Company paid dividends on common stock of $35.3 million, representing a cash dividend of $0.63 per share declared in the fourth quarter of 2018, paid in January 2019, a cash dividend of $0.69 per share declared in the first quarter of 2019, paid in April 2019 and a cash dividend of $0.69 per share declared in the second quarter of 2019, paid in July 2019. On August 1, 2019, the Company's Board of Directors declared a third quarter 2019 cash dividend of $0.69 per share of common stock. This dividend was paid on October 4, 2019 to stockholders of record at the close of business on September 20, 2019. The Company reported dividends payable of $11.8 million at September 30, 2019.

Dividends declared and paid per share for the three and nine months ended September 30, 2019 and 2018 were as follows:



	Three months ended September 30,				Nine months ended September 30,
	2019		2018		2019		2018
Dividends declared per common share	$	0.69	$	0.63	$	2.07	$	1.89
Dividends paid per common share	$	0.69	$	0.63	$	2.01	$	2.23

Stock Repurchase Program

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 (the “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 October 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 2015 Repurchase Program, as approved by the Board of Directors, did not require the repurchase of a specific number of shares and could be terminated at any time. In connection with the approval of the 2019 Repurchase Program, the Board of Directors terminated the 2015 Repurchase Program.

A summary of shares repurchased under the 2019 Repurchase Program and the 2015 Repurchase Program, during the three and nine months ended September 30, 2019 and cumulatively, is as follows:



	Shares	Cost of shares
		(In millions)
2019 Repurchase Program:
Repurchased during the three months ended September 30, 2019	523,898	$	42.7
Repurchased during the nine months ended September 30, 2019	956,847	$	81.7
Cumulative (life-of-program) repurchases	956,847	$	81.7
Remaining dollar value of shares that may be repurchased	n/a	$	118.3
2015 Repurchase Program:
Repurchased during the three months ended September 30, 2019	—	$	—
Repurchased during the nine months ended September 30, 2019	110,499	$	8.4
Cumulative (life-of-program) repurchases	1,589,995	$	126.2
Remaining dollar value of shares that may be repurchased	n/a	n/a

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 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 using the first-in, first-out (“FIFO”) method. During the nine months ended September 30, 2019, the Company re-issued 260,474 shares of treasury stock at a total FIFO cost of $11.4 million.