Share Repurchase Program

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Share Repurchase Program

9. Share Repurchase Program

On February 26, 2020, our Board of Directors authorized the repurchase of up to $50,000,000 of our common stock.  Our share repurchases may be made on the open market, subject to Rule 10b-18 or in privately negotiated transactions, through block trades, through 10b5-1 plans or otherwise, at management’s discretion.  The amount of shares purchased and the timing of the purchases will be based on market conditions, working capital requirements, general business conditions and other factors.  We intend to retire the repurchased shares. 

During the nine months ended September 30, 2020, we repurchased 444,813 shares of our common stock on the open market at a total cost of approximately $24,999,996 (an average price of $56.20 per share).  All shares repurchased were retired.  During the comparative nine months ended September 30, 2019, we repurchased 541,117   shares of our common stock on the open market at a total cost of approximately $27,899,000 (an average price of $51.56 per share).  All shares repurchased were retired.