Stock Repurchase Plan

12 Months Ended

Dec. 31, 2020

Stockholders' Equity Note [Abstract]

Stock Repurchase Plan

Stock Repurchase PlanIn November 2003, the Company’s Board of Directors authorized the Company to repurchase up to an aggregate of $15 million in value of common stock in open market purchases from time to time at the discretion of the Company’s management

depending on market conditions and other corporate considerations. The Company’s Board of Directors amended the program on various dates, increasing the repurchase amount authorized and extending the expiration date. At December 31, 2020, $250 million of the Company’s share repurchase authorization was remaining for repurchases through December 31, 2021. All of the Company’s share repurchases were effected in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. This stock repurchase plan may be modified, suspended, or terminated at any time by the Company without notice.

Repurchases of common stock are recorded as a reduction to additional paid-in capital in an amount equal to the price at which the repurchased shares were originally sold, with any excess cash paid to repurchase the shares being recorded as a reduction to retained earnings. During the year ended December 31, 2020, the Company invested $0.2 million to repurchase 1,769 shares of common stock on the open market under the stock repurchase plan at an average price per share of $139.78. No shares were repurchased on the open market under the stock repurchase plan during the years ended December 31, 2018 and 2019.