Stockholders' Equity

9 Months Ended

Sep. 30, 2020

Federal Home Loan Banks [Abstract]

Stockholders' Equity

NOTE 11 - STOCKHOLDERS’ EQUITY

As of September 30, 2020 and December 31, 2019, we had losses of $11.7 million and $7.1 million, respectively, in accumulated other comprehensive loss on our Condensed Consolidated Balance Sheets. The loss as of September 30, 2020 represented the unrealized loss on our terminated interest rate swaps of $12.9 million, net of taxes, less the effective portion of the unrealized gain on our forward interest rate swap of $1.2 million, net of taxes. The loss as of December 31, 2019 represented the effective portion of the unrealized loss on our now-terminated derivative instruments. For additional information, see Note 10, Derivatives and Hedging Activities.

During the nine months ended September 30, 2020, we repurchased approximately 443 thousand shares of our common stock with an aggregate price of approximately $15.8 million, or $35.59 average price per share. We did not repurchase any shares during the nine months ended September 30, 2019. The stock repurchase plan is in effect through March 1, 2021 unless extended by our board of directors. The effect of these treasury shares reducing the number of common shares outstanding is reflected in our earnings per share calculation. As of September 30, 2020, we have $44.9 million remaining on our current stock repurchase program. In response to COVID-19, we temporarily suspended our share repurchase program. Given the current state of our business and our markets, effective November 9, 2020, our share repurchase program will be reinstated.