Stockholders' Deficit

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Stockholders' Deficit

Stockholders' Deficit

Stock Repurchase Programs

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 connection with the approval of the 2019 Repurchase Program, the Board of Directors terminated the prior repurchase program approved in October 2015 (the “2015 Repurchase Program”) which had authorized the Company to repurchase up to $150 million of the Company’s common stock.

A summary of shares repurchased under the 2019 Repurchase Program and the 2015 Repurchase Program, during the years ended December 31, 2021, 2020 and 2019, and cumulatively for each program, is as follows:

	Shares	Cost of shares
		(In millions)
2019 Repurchase Program:
Repurchased during the year ended December 31, 2021	59,099	$	4.5
Repurchased during the year ended December 31, 2020	459,899	$	26.5
Repurchased during the year ended December 31, 2019	1,237,698	$	103.3
Cumulative (life-of-program) repurchases	1,756,696	$	134.3
Remaining dollar value of shares that may be repurchased	n/a	$	65.7
2015 Repurchase Program:
Repurchased during the year ended December 31, 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

Dividends

On October 28, 2021, the Board of Directors declared a fourth quarter 2021 cash dividend of $0.40 per share of common stock, payable on January 7, 2022 to the stockholders of record as of the close of business on December 17, 2021. Dividends were not declared for the first, second and third quarters of 2021.

During the fiscal years ended December 31, 2021, 2020 and 2019, the Company declared and paid dividends on common stock as follows:

Year ended December 31, 2021	Declaration Date	Payment Date	Dividends declared per share		Dividends paid per share		Total dividends paid(1)
							(In millions)
Fourth quarter	December 20, 2021	(2)	0.40		—		—
Total			$	0.40	$	—	$	—

Year ended December 31, 2020	Declaration Date	Payment Date	Dividends declared per share		Dividends paid per share		Total dividends paid(1)
Payment of prior year declaration	(3)	January 10, 2020	—		$	0.69	$	11.7
First quarter	February 20, 2020	April 3, 2020	$	0.76	0.76		12.7
Total			$	0.76	$	1.45	$	24.4

Year ended December 31, 2019
Payment of prior year declaration	(4)	January 4, 2019	$	—	$	0.63	$	11.4
First quarter	February 20, 2019	April 5, 2019	$	0.69	0.69		12.5
Second quarter	May 13, 2019	July 12, 2019	0.69		0.69		12.2
Third quarter	August 1, 2019	October 4, 2019	0.69		0.69		11.8
Fourth quarter	October 8, 2019	(3)	0.69		—		—
Total			$	2.76	$	2.70	$	47.9

(1) Includes dividend equivalents paid on restricted stock units

(2) The fourth quarter 2021 dividend of $6.9 million was paid on January 7, 2022.

(3) The fourth quarter 2019 dividend of $11.7 million was paid on January 10, 2020.

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

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. All dividends declared during the fiscal years ended December 31, 2021, 2020 and 2019 were declared from retained earnings.

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 660,718 shares, 433,477 shares and 285,302 shares, respectively, during the years ended December 31, 2021, 2020 and 2019 at a total FIFO cost of $26.8 million, $19.4 million and $12.5 million, respectively.