Equity

9 Months Ended

Sep. 30, 2019

Stockholders Equity Note [Abstract]

Equity

11. Equity

Stock Repurchase Program

On August 1, 2017, we received authorization from our Board of Directors to repurchase up to $200,000,000 of our common stock from time to time, in the open market or in privately negotiated transactions. Prior to 2019, we had repurchased 7,555,601 common shares at a weighted average price of $13.95 per share, or $105,383,000 in the aggregate. During 2019, we repurchased an additional 7,158,804 common shares at a weighted average price of $13.22 or $94,617,000 in the aggregate. As a result, we completed our $200,000,000 stock repurchase program by repurchasing 14,714,405 common shares at a weighted average price of $13.59 per share.  

Of the 7,158,804 common shares repurchased in 2019, 6,726,203 common shares were repurchased as of September 30, 2019 at a weighted average price of $13.23 per share, or $89,005,000 in the aggregate. The remaining 432,601 common shares were repurchased in October 2019, at a weighted average price of $12.97 per share, or $5,612,000 in the aggregate.

On November 5, 2019, we received authorization from our Board of Directors to repurchase up to an additional $200,000,000 of our common stock, from time to time, in the open market or in privately negotiated transactions. The amount and timing of future repurchases, if any, will depend on a number of factors, including, the price and availability of our shares, trading volume and general market conditions. The stock repurchase program may be suspended or discontinued at any time.