XML 31 R20.htm IDEA: XBRL DOCUMENT v3.21.1
Share Repurchase Program
3 Months Ended
Mar. 31, 2021
Equity [Abstract]  
Share Repurchase Program

NOTE 15 – SHARE REPURCHASE PROGRAM

The Company’s share repurchase program allows for share repurchases in the aggregate up to $100.0 million under share repurchase plans approved by the board of directors pursuant to Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended.  The Company approved an updated Rule 10b5-1 plan element of the share repurchase program as part of its normal process, that commenced January 11, 2021.  The Credit Facility permits unlimited share repurchases, provided the Company’s Leverage Ratio, prior to and after giving effect to such repurchases, is not greater than 3.50 to 1.00. For the three months ended March 31, 2021 and 2020, the Company used $12.8 million to repurchase 151,200 shares and $16.6 million to repurchase 206,820 shares, respectively, under the repurchase program. As of March 31, 2021, $33.3 million remained available for share repurchases under the repurchase program.