XML 22 R15.htm IDEA: XBRL DOCUMENT v3.20.1
EQUITY TRANSACTIONS (Notes)
 3 Months Ended
Mar. 31, 2020
Equity, Class of Treasury Stock [Line Items]  
Stockholders' Equity Note Disclosure [Text Block] EQUITY TRANSACTIONS Stock Repurchase Plans—The Company's Board of Directors ("Board") approved a stock repurchase program that permits the Company to repurchase its common stock. Management has discretion in determining the conditions under which shares may be purchased from time to time. The following table summarizes the Stock Repurchase Plans approved by the Board:
May 2018 to May 2019May 2019 to May 2020
Approval DateMay 2018April 2019
Authorized Repurchase Amount of Common Stock$7 million$7 million

As of March 31, 2020 the value of shares that may yet be purchased under the current plan was $3.3 million.

Purchases of the Company's common stock pursuant to the Stock Repurchase Plans were as follows:

Three Months Ended March 31,
20202019
Shares repurchased[1]
659,913  250,145  
Average purchase price per share[2]
$2.49  $1.96  
Dollar value of shares repurchased (in thousands)$1,643  $491  
[1] No shares of our common stock were purchased other than through a publicly announced plan or program.
[2] Average price paid per share includes costs associated with the repurchases.

There were 51,500 unsettled share repurchases as of March 31, 2020 and no unsettled share repurchases as of March 31, 2019.

In May 2020, the Board of Directors authorized the purchase of up to $5 million of the Company's common stock through May
2021. Under the plan, management has discretion in determining the conditions under which shares may be purchased from time to time.
The Company's Board approved the retirement of 20 million shares of treasury stock during the three months ended March 31, 2019 and, as a result, the Company reduced additional paid in capital by $161.6 million and Common Stock by $0.2 million during the three months ended March 31, 2019. The value of treasury stock retired was computed based on the average repurchase price of all treasury shares as of March 31, 2019, which was $8.09 per share.