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Share Repurchase Program
12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
Share Repurchase Program

NOTE 18 - SHARE REPURCHASE PROGRAM

In the third quarter of 2015, the Company’s board of directors approved a share repurchase plan that allowed for share repurchases through November 2017 and authorized share repurchases in the aggregate up to $75.0 million, not to exceed limits under the Credit Facility.  As part of the Company’s modification of the Credit Facility, the prior Credit Facility limits on share repurchases were eliminated to permit unlimited share repurchases, provided the Company’s Leverage Ratio, prior to and after giving effect to such repurchases, is not greater than 3.25 to 1.00.  During September 2017, the board of directors approved a new repurchase program and repurchase plan effective November 4, 2017 with an open-end period and a limit of $100.0 million. The limitation under the Credit Facility remains unchanged.

Purchases under this program may be made from time to time at prevailing market prices in open market purchases or in privately negotiated transactions pursuant to Rules 10b5-1 and 10b-18 under the Exchange Act and in accordance with applicable insider trading and other securities laws and regulations. The purchases are funded from existing cash balances and/or borrowings, and the repurchased shares are held in treasury and used for general corporate purposes. The timing and extent to which the Company repurchases its shares will depend on market conditions and other corporate considerations at the Company’s sole discretion.

During the year ended December 31, 2019, the Company repurchased 248,000 shares at a total cost of $18.1 million under this program. As of December 31, 2019, approximately $68.0 million remained available under the share repurchase plan.