Stockholders' Equity

3 Months Ended

Mar. 31, 2020

Equity [Abstract]

STOCKHOLDERS’ EQUITY

STOCKHOLDERS’ EQUITY

Preferred Stock

The Company is authorized to issue 5 million shares of preferred stock. The Board had designated 2 million of those shares as "Series A Preferred Stock." At December 31, 2019, a total of 2 million shares of Series A Preferred Stock were issued and outstanding. All outstanding shares of Series A Preferred Stock were converted into shares of common stock of the Company on February 25, 2020.

Repurchases of Common Stock

During the three months ended March 31, 2020, as part of the Company's previously-announced $750 million stock repurchase program, the Company repurchased approximately 3.7 million shares of its common stock for approximately $33.1 million, at an average price of approximately $8.82 per share. The repurchases were allocated to treasury shares and were funded from cash on hand.

The remaining authorization under the share repurchase program was approximately $210 million at March 31, 2020.