TREASURY STOCK

3 Months Ended

Jun. 30, 2020

Equity [Abstract]

TREASURY STOCK

TREASURY STOCK

On October 24, 2017, the Company’s Board of Directors approved a share repurchase program that enables the Company to repurchase up to twenty-five million shares of its common stock. This new program became effective when the Company’s previously disclosed twenty million share repurchase program was completed. The Company is not obligated to acquire any specific amount of common stock within any particular timeframe as a result of this new share repurchase program. 

Through June 30, 2020, the Company has repurchased 17,756,569 shares for $468.7 million in the open market under the twenty-five million share repurchase program. At June 30, 2020, 7,243,431 shares of common stock remained available to be purchased under the current repurchase program. There were no share repurchases during the three months ended June 30, 2020. The Company repurchased 1,297,400 shares for $33.2 million under the twenty-five million share repurchase program during the three months ended June 30, 2019.

In connection with the delivery of shares of the Company's common stock upon vesting of restricted stock units, the Company withheld 113,163 shares and 121,549 shares at a cost of $3.1 million and $3.0 million related to minimum statutory tax withholding requirements on these restricted stock units during the three months ended June 30, 2020 and 2019, respectively. These withholding transactions do not fall under the repurchase program described above, and therefore do not reduce the number of shares that are available for repurchase under that program.