Repurchase Program

3 Months Ended

Mar. 31, 2020

Equity [Abstract]

Repurchase Program

Repurchase Program

Our securities repurchase program remains available for repurchases of any combination of our common stock and our Convertible Notes. The repurchase program has no specific term. Repurchases are expected to be funded from operating cash flows, available cash on hand, and borrowings under our ABL Facility (as defined in Note 6). As part of the share repurchase program, our management has been authorized to establish trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934. As of March 31, 2020, we had $67.2 million remaining under the program.

During the first quarter of 2020, we repurchased $14.5 million of our Convertible Notes in the open market under the repurchase program for a total cost of $13.8 million. There were no Convertible Notes repurchased under the program during 2019.

There were no shares of common stock repurchased under the repurchase program during the first quarter of 2020. During the first quarter of 2019, we repurchased an aggregate of 655,666 shares of our common stock under the program for a total cost of $5.0 million.