Share Repurchase Program

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Share Repurchase Program

Share Repurchase Program

On February 12, 2015, the Company announced that its Board of Directors approved a share repurchase program authorizing the repurchase of up to an aggregate of $20.0 million of its common stock through open market and privately negotiated transactions over a two-year period. On November 2, 2016, the Board of Directors approved a two-year extension to the share repurchase program through February 28, 2019. On May 4, 2017, the Board of Directors authorized an increase in its authorized share repurchase program of up to an additional $30.0 million of the Company's common stock through open market and privately negotiated transactions over a two-year period ended May 31, 2019. As of December 31, 2019, the program purchase period had lapsed and shares are no longer available for purchase under this plan.

During the year ended December 31, 2019, the Company did not repurchase any shares of its common stock under this program. During the year ended December 31, 2018, the Company repurchased 2,667,732 shares of its common stock for $25.6 million in the aggregate at an average cost of $9.60. Shares repurchased under this program are recorded at acquisition cost, including related expenses.