Wingstop paid a special cash dividend of $3.17 per share on February 14, 2018 to stockholders of record as of February 9, 2018 and a special dividend of $2.90 per share on July 15, 2016 to its holders of common stock of record as of July 12, 2016. Wingstop also launched a quarterly dividend program in the third quarter 2017 under the authorization of the board of directors with an initial quarterly dividend of $0.07 per share of common stock. The quarterly dividend was subsequently raised to $0.09 per share of common stock in September 2018. The declaration of these dividends is in recognition of the Company's strong cash flow generation, confidence in the business, and commitment to returning value to shareholders.
However, there is no guaranty that we will be able to pay a dividend in the future. Any determination to pay dividends in the future will be at the discretion of our board of directors and will depend upon results of operations, financial condition, contractual restrictions, including our senior secured credit facility and other indebtedness we may incur, restrictions imposed by applicable law and other factors our board of directors deems relevant.