Stockholders' Equity

3 Months Ended

Mar. 31, 2020

Stockholders' Equity Note [Abstract]

Common Stock

As of March 31, 2020 and December 31, 2019, the Company had 16,791,000 shares and 16,843,000 shares of Common Stock outstanding, respectively.

In November 2019, the Company's Board of Directors authorized a program for the purchase of up to $25 million of outstanding Common Stock effective January 1, 2020 (the "2020 Stock Purchase Plan"). The program does not require the Company to purchase any specific number of shares and may be suspended or discontinued at any time. Purchases under the 2020 Stock Purchase Plan will be made from time to time in the open market or in privately negotiated transactions in accordance with the requirements of applicable law. The timing and amount of any purchases will depend on share price, market conditions and other factors. Among the measures taken to manage the Company's cash flow and preserve its liquidity, purchases under the 2020 Stock Purchase Plan were curtailed in March 2020 and remain suspended. The Company also had $25 million repurchase programs in place during the preceding two years that expired in December 2019 (the “2019 Stock Purchase Plan”) and December 2018 (the “2018 Stock Purchase Plan”), respectively.

The following table shows shares purchased and value ($ in millions) under the respective stock purchase plans:



	Three Months Ended March 31,
	2020			2019
	Shares	Amount		Shares	Amount
2020 Stock Purchase Plan	59,577	$	3.6	—	$	—
2019 Stock Purchase Plan	—	—		4,285	0.3

For the three months ended March 31, 2020, the Company acquired 3,476 shares of Common Stock, at a cost of $0.2 million for shares surrendered by employees to pay taxes due on vested restricted stock awards.