(16) Stockholders’ Equity

Dividends

On January 21, 2015, the board of directors authorized and declared a cash dividend to all the Company’s common stockholders of $0.187 per share of common stock, paid on March 19, 2015 to stockholders of record as of the close of business on March 5, 2015. Each future quarterly dividend payment is subject to review and approval by the Board. In addition, the Company’s Credit Agreement contains restrictions on the declaration and payment of dividends.

 

Treasury stock

On November 6, 2013, the Board approved a share repurchase program authorizing up to $125.0 million of the Company’s outstanding shares of common stock to be repurchased. The shares may be repurchased from time to time in the open market or in privately negotiated transactions. The share repurchases are subject to prevailing market conditions and other considerations. The share repurchase program does not have an expiration date and may be suspended or terminated at any time by the Board. All shares repurchased are held in treasury.

During the three months ended March 31, 2015, the Company purchased approximately 387,000 shares of its common stock at a cost of $15.0 million under the authorized share repurchase program, and approximately $85.0 million is available for repurchase as of March 31, 2015. In addition, the Company withheld approximately 7,000 shares of stock from employees, for an approximate value of $276,000, upon vesting of share awards to satisfy minimum tax withholding obligations. These shares were not acquired pursuant to the share repurchase program.