Stock Repurchases

12 Months Ended

Dec. 31, 2019

Stock Repurchases [Abstract]

Stock Repurchases

Stock Repurchases

Effective February 6, 2017, the Company's Board of Directors unanimously approved and authorized a share repurchase plan of $150.0 million. The Board directed that the repurchases be funded with available cash balances and cash generated by the Company's operating activities. Under certain circumstances the aggregate amount of repurchases of the Company's equity shares may be limited by the terms and underlying financial covenants regarding the Company's commercial bank financing facility.

The Company's share repurchase plan’s terms have been structured to comply with the SEC’s Rule 10b-18, and are subject to market conditions and applicable legal requirements. The program does not obligate the Company to acquire any specific number of shares and may be suspended or terminated at any time. All purchases are made in the open market. Treasury stock is recorded

at its acquired cost. During 2019, the Company repurchased and retired 95,000 shares of its common stock under these plans for total consideration of $4.2 million. During 2018, the Company repurchased and retired 996,773 shares of its common stock under this plan for total consideration of $49.6 million.

As of December 31, 2019, the Company had $80.1 million remaining in its share repurchase authorization.