Stockholders' Equity

12 Months Ended

Dec. 31, 2015

Stockholders' Equity

Stockholders' Equity

(17) Stockholders' Equity

        The Company's current policy, which is reviewed continually, is to retain earnings to finance the operations and expansion of its businesses as well as return capital to stockholders through share repurchases and dividends on common stock.

Stock Repurchase Program

        To facilitate its stock repurchase program, designed to return value to stockholders and minimize dilution from stock issuances, the Company repurchases shares in the open market. The table below summarizes the Company's share repurchases beginning January 1, 2013 under its Board of Directors' authorizations:

		Amount Authorized by Board (Shares in millions)				Shares Remaining Under Board Authorization (millions)		Shares Repurchased Under Board Authorization
				Total Shares Repurchased (millions)
	Expiration Date
Repurchase Program Authorization Date								2015		2014		2013
October 2011	none		4.0		4.0		—		—		—		1.5
May 2013	none		4.0		4.0		—		0.8		2.7		0.5
October 2014	none		4.0		1.2		2.8		1.2		—		—
Total shares repurchased under authorization									2.0		2.7		2.0
Cost (millions)								$	42.0	$	48.2	$	28.2
Average share price								$	21.10	$	18.03	$	14.05

        The Company also repurchased approximately 0.4 million shares of common stock during each of 2015, 2014 and 2013 to satisfy the minimum statutory employee withholding tax upon the net settlement of restricted stock unit awards.

Dividend Program

        In April 2015, the Company's Board of Directors initiated a dividend program under which the Company began to pay quarterly dividends, subject to quarterly declarations by the Board of Directors. During 2015, the Board of Directors declared and the Company paid quarterly cash dividends of $0.07 per share in each of the second, third and fourth quarters totaling $7.0 million in the aggregate.