Share Repurchase Plan

9 Months Ended

Sep. 30, 2019

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. In July 2019, the Company's Board of Director's authorized a new program to repurchase, on the open market, shares of its outstanding common stock in an amount not to exceed $50.0 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 1,263,642 shares of common stock through September 30, 2019. The table below summarizes share repurchase activity during the three and nine months ended September 30, 2019.



	Three Months Ended		Nine Months Ended
(millions, except for share and per share data) (unaudited)	September 30, 2019		September 30, 2019
Total number of shares repurchased	536,743		958,459
Average price paid per share	$	34.83	$	33.73
Total value of shares repurchased	$	18.7	$	32.3

No shares were repurchased during the three and nine months ended September 30, 2018.

The following table summarizes the remaining authorized repurchase amount under the program as of September 30, 2019.



(millions) (unaudited)	September 30, 2019
Total authorized repurchase amount	$	80.0
Total value of shares repurchased	39.8
Total remaining authorized repurchase amount	$	40.2