Treasury Stock

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Treasury Stock

Treasury StockFrom time to time, our Board of Directors authorizes management to repurchase shares of our issued and outstanding common stock. On September 15, 2020, our Board of Directors authorized a share repurchase program (the "September 2020 Program"), which replaced in its entirety the previous repurchase program. Pursuant to the September 2020 Program, we may repurchase up to 300,000 shares of our common stock. At September 30, 2020, we had 213,075 shares of common stock authorized for repurchase remaining under the September 2020 Program. Subsequent to September 30, 2020, we repurchased an additional 113,075 shares under the September 2020 Program at a cost of $4.4 million. On October 28, 2020, our Board terminated the September 2020 Program and replaced it with a new share repurchase program with an effective date of November 10, 2020 (the "November 2020 Program"). Pursuant to the November 2020 Program, we may, from time to time until February 18, 2021, repurchase up to 500,000 shares of our common stock. We may repurchase shares of common stock in privately negotiated and/or open-market transactions, including pursuant to plans complying with Rule 10b5-1 promulgated under the Securities Exchange Act of 1934.

Repurchased shares of our common stock were as follows:

	Nine Months Ended September 30,
(In thousands)	2020		2019
Shares repurchased	263		55
Cost of shares repurchased	$	9,822	$	1,741

Repurchased shares are recorded as shares held in treasury at cost. We hold these shares for future use as management and the Board of Directors deem appropriate.