Stock Repurchase Program

6 Months Ended

Jun. 30, 2020

Equity [Abstract]

Stock Repurchase Program

Stock Repurchase ProgramOn 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, authorized the purchase of up to 4,000,000 shares, or approximately 3.5%, of the Company's then issued and outstanding common stock. On December 5, 2019, the Company announced that its Board of Directors had expanded its stock repurchase program to authorize the purchase of an additional 3,000,000 shares of the Company's outstanding common stock in addition to the shares remaining under the repurchase program announced on June 11, 2019. During the three and six months ended June 30, 2020, the Company repurchased 899,074 shares at a cost of approximately $13.0 million, or $14.46 per share, and 3,456,200 shares at a cost of approximately $53.4 million, or $15.44 per share, respectively, under this program. During the three and six months ended June 30, 2019, the Company repurchased 263,900 shares at a cost of approximately $3.9 million, or $14.65 per share. On April 23, 2020, the Company completed the repurchases under the stock repurchase programs. Repurchased shares are held as treasury stock and are available for general corporate purposes.