Share Repurchase Program (Notes)

9 Months Ended

Sep. 30, 2021

Share Repurchase Program [Abstract]

Treasury Stock [Text Block]

Share Repurchase Program

On July 28, 2021, the Company announced that its Board of Directors had approved a new share repurchase program (the “2021 Share Repurchase Program”), which replaced and superseded the share repurchase program authorized by the Board of Directors in 2018 (the “2018 Share Repurchase Program”). Prior to its replacement, the Company did not repurchase any outstanding common shares under the 2018 Share Repurchase Program during 2021.

Pursuant to the 2021 Share Repurchase Program, the Company may purchase up to $100 million of its outstanding common shares through open market transactions, privately negotiated transactions or otherwise in accordance with all applicable laws. The timing and amount of any purchases under the 2021 Share Repurchase Program 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.

During the third quarter of 2021, the Company repurchased 0.2 million outstanding common shares at an aggregate purchase price of $15.5 million under the 2021 Share Repurchase Program. As of September 30, 2021, $84.5 million remained available for repurchases under the 2021 Share Repurchase Program.