Stockholder's Equity

9 Months Ended

Sep. 30, 2019

Equity [Abstract]

Stockholder's Equity

Stockholder's Equity

Share Repurchase Program

On February 5, 2018, the Company's board of directors authorized a $100.0 million share repurchase program, which was announced on February 12, 2018. On October 30, 2018, the Company announced that the board of directors had authorized an increase of $100.0 million to the original share repurchase program authorization. On October 24, 2019, the Company's Board of Directors authorized an additional $100.0 million to the original share repurchase program authorization. Share repurchases may be effected from time to time through open market purchases or pursuant to a Rule 10b5-1 plan until October 30, 2020. Repurchased shares are retired and reclassified as authorized and unissued shares of common stock. On retirement of the repurchased shares, common stock is reduced by an amount equal to the number of shares being retired multiplied by the par value. The excess of the cost of treasury stock that is retired over its par value is first allocated as a reduction to additional paid-in capital based on the initial public offering price of the stock, with the remaining excess to retained earnings.

During the nine months ended September 30, 2019, the Company repurchased 881,455 shares of its common stock for approximately $73.9 million. All share repurchases were made using cash resources. As of September 30, 2019, approximately $41.1 million remained available for share repurchases pursuant to the share repurchase program.