Share Repurchase Plan

6 Months Ended

Jun. 30, 2019

Equity [Abstract]

Share repurchase plan

Share Repurchase Plan

In May 2016, the Company's Board of Directors authorized the Company to repurchase, on the open market, shares of its outstanding common stock in an amount not to exceed $30.0 million in aggregate. Purchases of the Company's common stock may be made in open market transactions effected through a broker-dealer at prevailing market prices, in block trades, or by other means in accordance with Rules 10b-18 and 10b5-1 under the Securities Exchange Act of 1934. The share repurchase program does not obligate the Company to repurchase any particular amount of common stock, and has no fixed termination date.

Under this program, the Company has repurchased 726,899 shares of common stock through June 30, 2019 at an average price of $29.01 per share, resulting in $21.1 million in program-to-date purchases. 348,974 and 421,716 shares were repurchased at an average rate of $32.33 per share, during the three and six months ended June 30, 2019, respectively. No shares were repurchased during the three and six months ended June 30, 2018.