Stockholders' Equity

12 Months Ended

Dec. 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 during the first quarter of 2020 and no shares of Series A Preferred Stock were outstanding at December 31, 2020.

Repurchases of Common Stock

During 2020, as part of its previously-announced $750 million share repurchase program, the Company repurchased approximately 5.7 million shares of its common stock for approximately $55.7 million, at an average price of approximately $9.74 per share. The repurchases were funded from cash on hand and allocated to treasury shares. The remaining authorization under the share repurchase program was approximately $187 million at December 31, 2020.

On February 8, 2019, as part of the Company's previously-announced $750 million stock repurchase program, the Company repurchased 37 million shares of its common stock for a per share purchase price of $11.72, the last sale price reported for the Company’s shares as of the 4:00 p.m. (EST) close of trading on the New York Stock Exchange on Friday, February 1, 2019, for an aggregate purchase price of $434 million. These repurchased shares, which represented approximately 13% of the Company's then outstanding common stock, were retired on the repurchase date. The repurchase was funded from cash on hand and borrowings under the Credit Agreement.

During the period from April 1, 2019 through December 31, 2019, the Company also repurchased approximately 7.8 million shares of its common stock under the share repurchase program for approximately $73.5 million, at an average price of $9.45 per share. The repurchases were allocated to treasury shares and were funded from cash on hand.