Stockholders' Equity

9 Months Ended

Sep. 30, 2016

Equity [Abstract]

Stockholders' Equity

10. Stockholders’ Equity

Cash Dividends — The Company paid cash dividends during the nine months ended September 30, 2015 and 2016 as follows:

2015:	Per Share		Total
			(in thousands)
Paid on March 25, 2015	$	0.10	$	14,640
Paid on June 24, 2015		0.10		14,712
Paid on September 24, 2015		0.10		14,712
Total cash dividends	$	0.30	$	44,064

2016:	Per Share		Total
			(in thousands)
Paid on March 24, 2016	$	0.10	$	14,712
Paid on June 23, 2016		0.02		2,953
Paid on September 22, 2016		0.02		2,953
Total cash dividends	$	0.14	$	20,618

On October 26, 2016, the Company’s Board of Directors approved a cash dividend on its common stock in the amount of $0.02 per share to be paid on December 22, 2016 to holders of record as of December 8, 2016. The amount and timing of all future dividend payments, if any, are subject to the discretion of the Board of Directors and will depend upon business conditions, results of operations, financial condition, terms of the Company’s debt agreements and other factors.

On September 6, 2013, the Company’s Board of Directors approved a stock buyback program that authorizes purchase of up to $200 million of the Company’s common stock in open market or privately negotiated transactions. As of September 30, 2016, the Company had remaining authorization to purchase approximately $187 million of the Company’s outstanding common stock under the stock buyback program. Shares purchased under a buyback program are accounted for as treasury stock.

On September 15, 2016, the Company issued 353,804 shares of its common stock, valued at $6.7 million in connection with an acquisition.  The transaction was not significant to the Company’s consolidated financial statements.

  Treasury stock acquisitions during the nine months ended September 30, 2016 were as follows (dollars in thousands):

	September 30, 2016
	Shares		Cost
Treasury shares at beginning of period		43,207,240	$	907,045
Purchases pursuant to stock buyback program		8,488		183
Acquisitions pursuant to long-term incentive plan		160,564		3,428
Treasury shares at end of period		43,376,292	$	910,656