Share Repurchase Program (Notes)

6 Months Ended

Jun. 30, 2021

Share Repurchase Program [Abstract]

Treasury Stock [Text Block]

Share Repurchase Program

On August 14, 2018, the Company announced that its Board of Directors authorized a share repurchase program (the “2018 Share Repurchase Program”) pursuant to which the Company may purchase up to $50 million of its outstanding common shares through open market transactions, privately negotiated transactions or otherwise in accordance with all applicable laws. During the first half of 2021, the Company did not repurchase any outstanding common shares under the 2018 Share Repurchase Program. As of June 30, 2021, the Company has repurchased 1.4 million outstanding common shares at an aggregate purchase price of $32.8 million under the 2018 Share Repurchase Program and $17.2 million remained available for repurchases under the 2018 Share Repurchase Program.

On July 28, 2021, the Company announced that its Board of Directors has approved a new share repurchase program, pursuant to which the Company may purchase up to $100 million of its common shares (the “2021 Share Repurchase Program”), which replaces the 2018 Share Repurchase Program. Such common shares may be purchased through open market transactions, privately negotiated transactions or otherwise in accordance with all applicable laws. The timing and amount of any purchases will be determined by the Company’s management at its discretion based on a variety of factors, including the market price of the Company’s common shares, business considerations, general market and economic conditions and legal requirements. The 2021 Share Repurchase Program has no expiration date and may be modified, discontinued or suspended at any time.