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Shareholders' Equity
9 Months Ended
Sep. 30, 2019
Stockholders Equity Note [Abstract]  
Shareholders' Equity

NOTE 20.  SHAREHOLDERS’ EQUITY

Common Stock Repurchase Plan

On July 29, 2016, we announced that our Board of Directors had approved a share repurchase program pursuant to which we were authorized to repurchase up to $150.0 million of our outstanding shares of common stock through July 31, 2018 (the “Program”).  On October 30, 2017, we announced that our Board of Directors had approved an additional $250.0 million authorization to repurchase shares under the Program. The Program was also extended through October 31, 2020. On July 31, 2018, we announced that our Board of Directors had approved an additional $300.0 million authorization to repurchase shares, increasing the total authorized amount under the Program to $700.0 million.

Repurchases under the Program may be made through open market, block and privately-negotiated transactions, including Rule 10b5-1 plans, at such times and in such amounts as management deems appropriate, subject to market and business conditions, regulatory requirements and other factors.  The Program does not obligate AWI to repurchase any particular amount of common stock and may be suspended or discontinued at any time without notice. 

On August 2, 2018, we entered into an accelerated share repurchase (“ASR”) agreement with Deutsche Bank AG under the Program. The ASR included a pre-payment of $150.0 million to Deutsche Bank, at which time we received 1,766,004 shares. The ASR terminated on October 8, 2018, with an additional 389,825 shares returned on that day to complete the ASR.

During the three months ended September 30, 2019, we repurchased 0.3 million shares under the Program for a total cost of $33.1 million, or an average price of $95.26 per share. During the nine months ended September 30, 2019, we repurchased 1.0 million shares under the Program for a total cost of $81.2 million, or an average price of $81.58 per share. Since inception, through September 30, 2019, including the ASR, we have repurchased 8.7 million shares under the Program for a total cost of $511.8 million, or an average price of $58.94 per share.

Dividends

In February, April and July 2019, our Board of Directors declared $0.175 per share quarterly dividends, which were paid to shareholders in March, May and August 2019, respectively. On October 23, 2019, our Board of Directors declared a $0.20 per share quarterly dividend to be paid in November 2019.