Stock Repurchase Program

3 Months Ended

Mar. 31, 2020

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.

In July 2019, 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 $50.0 million in aggregate. Under this program, the Company has repurchased 393,975 shares of common stock during the three months ended March 31, 2020 at an average price of $38.78 per share.

In March 2020, 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. As of March 31, 2020, no shares have been repurchased under this program.

As of March 31, 2020, $50.0 million and $9.4 million remained available for repurchase under the March 2020 and July 2019 stock repurchase programs, respectively. Under the programs, 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 times and prices considered to be appropriate at the Company's discretion. The stock repurchase programs do not obligate the Company to repurchase any particular amount of common stock, have no fixed termination date, and may be suspended at any time at the Company's discretion. As of March 31, 2020, in order to improve the Company's liquidity, the Company suspended repurchases under the stock repurchase programs.

The table below summarizes stock repurchase activity under the stock repurchase programs during the three months ended March 31, 2020 and 2019, respectively:



	Three Months Ended
(millions, except for share and per share data) (unaudited)	March 31, 2020		March 31, 2019
Total number of shares repurchased	393,975		72,742
Average price paid per share	$	38.78	32.29
Total value of shares repurchased	$	15.3	2.3

The following table summarizes the remaining authorized repurchase amounts in the aggregate under the July 2019 and March 2020 repurchase programs as of March 31, 2020.



(millions) (unaudited)	March 31, 2020
Total authorized repurchase amount	$	100.0
Total value of shares repurchased	40.6
Total remaining authorized repurchase amount	$	59.4