Capital Stock

12 Months Ended

Dec. 31, 2019

Stockholders' Equity Note [Abstract]

Capital Stock

CAPITAL STOCK

CAPITAL STOCK

At December 31, 2019, our authorized capital stock consists of 400,000,000 shares of common stock, par value $0.01 per share, and 10,000,000 shares of preferred stock, par value of $0.01 per share.

TREASURY STOCK

On October 17, 2016, our Board of Directors authorized the repurchase by us of up to an aggregate of $300.0 million of our common stock by various means from time to time through and including December 31, 2021. Pursuant to this authorization, we repurchased an aggregate of 407,540 shares of our common stock in 2019 at an average price per share of $29.70, for a total purchase price of $12.1 million. In 2018, we repurchased a total of 188,300 shares of our common stock at an average price per share of $25.31, for a total purchase price of $4.8 million. In 2016, pursuant to this authorization and the remaining amount from a prior authorization, we repurchased a total of 294,930 shares of our common stock at an average price per share of $24.40, for a total purchase price of $7.2 million. Accordingly, at December 31, 2019, we had approximately $112.5 million remaining for the repurchase of our common stock under the October 17, 2016 Board of Directors authorization.

In 2019, 2018 and 2017, we issued 1,301,777 treasury shares, 339,972 treasury shares and 421,108 treasury shares, respectively, at an average cost of $2.86 per share, $3.12 per share and $3.15 per share, for restricted stock units that vested during these years. In 2019, 2018 and 2017, we repurchased 543,369 shares, 107,420 shares and 138,080 shares of our common stock, respectively, at an average cost of $28.51 per share, $28.46 per share and $30.24 per share, respectively, in accordance with the Plan to satisfy employee withholding tax requirements resulting from certain restricted stock units becoming vested.

We account for treasury shares using the FIFO cost method. As of December 31, 2019, 64,332,032 shares of our common stock were held in treasury.