Stock Repurchase Program

6 Months Ended

Jun. 30, 2019

Equity [Abstract]

Stock Repurchase Program

Stock Repurchase Program

On June 11, 2019, the Company announced that its Board of Directors authorized the Company's first stock repurchase program since the completion of its minority public offering in April 2018. This program, which commenced on June 13, 2019, authorizes the purchase of up to 4,000,000 shares, or approximately 3.5%, of the Company's currently issued and outstanding common stock. During both the three and six months ended June 30, 2019, the Company purchased 263,900 shares at a cost of approximately $3.9 million or $14.65 per share. Repurchased shares are held as treasury stock and will be available for general corporate purposes.