Capital Structure

6 Months Ended

Jun. 30, 2020

Common Stock

The Company has one class of common stock outstanding.

During the three and six months ended June 30, 2020 and 2019, the Company purchased shares of common stock from employees in connection with withholding tax payments related to the vesting of restricted stock, as below:


	Shares repurchased	Total consideration		Weighted average purchase price per share ⁽¹⁾
Three months ended June 30, 2020	—	$	—	$	—
Three months ended June 30, 2019	—	$	—	$	—

Six months ended June 30, 2020	26,601	$	2,012	$	75.63
Six months ended June 30, 2019	22,666	$	1,408	$	62.11

⁽¹⁾The weighted average purchase price per share was the closing price of the Company's share of common stock on the Nasdaq Global Select Market on the trading day prior to the vesting date of the shares of restricted stock.

On February 28, 2017, the Company’s Board of Directors authorized an additional common stock repurchase program (the “2017 Repurchase Program”), under which shares may be purchased by the Company from time to time from the open market and through private transactions during each of the fiscal years 2017 through 2019 up to an aggregate additional amount

of $100,000. The approval increased the 2017 authorization from $20,000 to $40,000 and authorizes stock repurchases of up to $40,000 in each of 2018 and 2019.

On December 16, 2019, the Company’s Board of Directors authorized a $200,000 common stock repurchase program beginning January 1, 2020 through December 31, 2022 (the “2019 Repurchase Program”). The shares may be purchased by the Company from time to time from the open market and through private transactions, or otherwise, as determined by the Company’s management as market conditions warrant.

During the three and six months ended June 30, 2020 and 2019, the Company purchased shares of its common stock, including commissions, under the 2019 Repurchase Program and the 2017 Repurchase Program, respectively, as below:


	Shares repurchased	Total consideration		Weighted average purchase price per share
Three months ended June 30, 2020	—	$	—	$	—
Three months ended June 30, 2019	198,160	$	12,130	$	61.21

Six months ended June 30, 2020	175,765	$	11,983	$	68.18
Six months ended June 30, 2019	438,025	$	26,130	$	59.65

Repurchased shares have been recorded as treasury shares and will be held until the Company’s Board of Directors designates that these shares be retired or used for other purposes.

The 2019 Repurchase Program may be suspended or discontinued at any time. During the quarter ended March 31, 2020, to enhance the Company’s liquidity position in response to COVID-19, the Company elected to temporarily suspend share repurchases under the 2019 Repurchase Program. The 2019 Repurchase Program remains authorized by the Board of Directors and the Company resumed share repurchases effective July 1, 2020, considering improved market conditions, the Company’s capital and liquidity needs and other factors.