Stockholders' Deficit

3 Months Ended

Sep. 30, 2020

Dividends

During the nine months ended September 30, 2020, the Company paid dividends on common stock of $23.9 million, representing a cash dividend of $0.69 per share declared in the fourth quarter of 2019, paid on January 10, 2020 to stockholders of record at the close of business on December 20, 2019 and a cash dividend of $0.76 per share declared in the first quarter of 2020, paid on April 3, 2020 to stockholders of record at the close of business on March 20, 2020. Dividends were not declared for the second or third quarters of 2020, and the Board of Directors has determined that it will not declare dividends for the fourth quarter of 2020.

Dividends declared and paid per share for the three months and nine months ended September 30, 2020 and 2019 were as follows:


	Three months ended September 30,						Nine months ended September 30,
	2020		2019		2020		2019
Dividends declared per common share	$	—	$	0.69	$	0.76	$	2.07
Dividends paid per common share	$	—	$	0.69	$	1.45	$	2.01

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.

A summary of shares repurchased under the 2019 Repurchase Program, during three and nine months ended September 30, 2020 and cumulatively, is as follows:


	Shares	Cost of shares
		(In millions)
Repurchased during the three months ended September 30, 2020	—	$	—
Repurchased during the nine months ended September 30, 2020	459,899	$	26.5

Cumulative (life-of-program) repurchases	1,697,597	$	129.8
Remaining dollar value of shares that may be repurchased	n/a	$	70.2

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, 2020, the Company re-issued 396,996 shares of treasury stock at a total FIFO cost of $17.9 million.