Stock Repurchase Plan

12 Months Ended

Dec. 31, 2019

Stock Repurchase Program

In May 2016, the Board of Directors authorized the Company to repurchase in the open market shares of the Company's outstanding common stock in an amount not to exceed $30.0 million. Under this program, the entire authorized amount was applied to repurchase 988,767 shares of common stock at an average price of $30.30 resulting in completion of the program in August 2019. No repurchases were made during the year ended December 31, 2018.

In July 2019, the Board of Director's authorized a new program to repurchase, on the open market, shares of the Company's outstanding common stock in an amount not to exceed $50.0 million in aggregate. Under this program the Company repurchased 652,000 shares of common stock through December 31, 2019, at an average price of $38.88, resulting in $25.3 million in program-to-date repurchases.

As of December 31, 2019, $24.7 million remained available for repurchase under the July 2019 stock repurchase program. Under the program, repurchases 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, to the extent relied upon, and 10b5-1 under the Exchange Act at time and prices considered to be appropriate at our discretion. The stock repurchase program does not obligate the Company to repurchase any particular amount of common stock and has no fixed termination date, and may be suspended at any time at the Company's discretion.

The table below summarizes stock repurchase activity under the May 2016 and the July 2019 repurchase programs during the year ended December 31, 2019:



(millions, except for share and per share data)	December 31, 2019
Total number of stock repurchased	1,335,584
Average price paid per share	$	35.83
Total value of stock repurchased	$	47.9

The following table summarizes the remaining authorized repurchase amounts in the aggregate under the May 2016 and the July 2019 repurchase programs as of December 31, 2019:



(millions)	December 31, 2019
Total authorized repurchase amount	$	80.0
Total value of stock repurchased	55.3
Total remaining authorized repurchase amount	$	24.7