Stock Repurchase Program

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Stock Repurchase Program

Stock Repurchase Program

On September 10, 2020, the Company announced that its Board of Directors authorized the Company's second stock repurchase program for the purchase of up to 5,000,000 shares, or approximately 4.3%, of the Company's issued and outstanding common stock, commencing on September 15, 2020. On February 5, 2021, the Company completed the repurchases under the second stock repurchase program.

On February 1, 2021, the Company announced that its Board of Directors authorized the Company's third stock repurchase program to acquire up to 5,000,000 shares, or approximately 4.5%, of the Company's then issued and outstanding common stock, commencing upon completion of the Company's second stock repurchase program.

On December 6, 2021, the Company announced that its Board of Directors authorized the Company's fourth stock repurchase program to acquire up to 5,000,000 shares, or approximately 4.6%, of the Company's then issued and outstanding common stock, commencing upon the completion of the Company's third stock repurchase program.

4.    Stock Repurchase Program (continued)During the three and six months ended June 30, 2022, the Company repurchased 1,523,148 shares at a cost of approximately $31.5 million, or $20.67 per share, and 2,546,667 shares at a cost of approximately $53.2 million, or $20.88 per share, respectively, under these programs. During the three and six months ended June 30, 2021, the Company repurchased 1,471,501 shares at a cost of approximately $25.7 million, or $17.47 per share, and 3,470,040 shares, at a cost of approximately $58.5 million, or $16.87 per share, respectively, under these programs. Repurchased shares are held as treasury stock and are available for general corporate purposes.