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Stockholders' Equity
9 Months Ended
Sep. 30, 2020
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders’ Equity
Share Repurchase Programs
During the nine months ended September 30, 2020, the Company did not repurchase any shares of its common stock under its share repurchase program.
On January 21, 2015, the Company’s board of directors (the “Board”) approved a share repurchase program authorizing the repurchase of up to an aggregate of 20.0 million shares (the “2015 Repurchase Plan”). Share repurchases under the 2015 Repurchase Plan may be made through the open market, established plans, or privately negotiated transactions in accordance with all applicable securities laws, rules, and regulations.
As of September 30, 2020, there remained an outstanding authorization to repurchase approximately 3.6 million shares of the Company’s outstanding common stock under the 2015 Repurchase Plan.
On October 29, 2020, the Board approved a new share repurchase program authorizing the repurchase of up to an aggregate of 20.0 million shares (the “2020 Repurchase Plan”). Share repurchases under the 2020 Repurchase Plan may be made through the open market, established plans or privately negotiated transactions in accordance with all applicable securities laws, rules, and regulations. There is no expiration date applicable to the 2020 Repurchase Plan. The 2020 Repurchase Plan replaces the 2015 Repurchase Plan and cancels the remaining shares outstanding as part of the previous authorization. No repurchases have been made under the 2020 Repurchase Plan.
The Company records stock repurchases as a reduction to stockholders’ equity. The Company records a portion of the purchase price of the repurchased shares as an increase to accumulated deficit when the price of the shares repurchased exceeds the average original proceeds per share received from the issuance of common stock.