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Stock Repurchase Program
9 Months Ended
Sep. 30, 2021
Equity [Abstract]  
Stock Repurchase Program

9. Stock Repurchase Program

In July 2019, the Company's Board of Directors (“Board”) authorized the Company 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. During the nine months ended September 30, 2020, the Company repurchased 393,975 shares of common stock at an average price of $38.78 under this program. During the nine months ended September 30, 2021, no shares were repurchased under this program.

In March 2020, the Board authorized the Company 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. No shares have been repurchased under this program.

As of September 30, 2021, $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. On March 10, 2020 and continuing through September 30, 2021, in order to improve the Company's liquidity during COVID-19, the Company suspended repurchases under the stock repurchase programs.

Share repurchase activity under the stock repurchase programs during the three and nine months ended September 30, 2021 and 2020 (unaudited) was as follows:

 

 

 

Three Months Ended

 

Nine Months Ended

 

(millions, except for share and per share data)

 

September 30, 2021

 

 

September 30, 2020

 

September 30, 2021

 

 

September 30, 2020

 

Total number of shares repurchased

 

 

 

 

 

 

 

 

 

 

393,975

 

Average price paid per share

 

$

 

 

$

 

$

 

 

$

38.78

 

Total value of shares repurchased

 

$

 

 

$

 

$

 

 

$

15.3

 

 

The remaining authorized repurchase amounts in the aggregate under the July 2019 and March 2020 repurchase programs as of September 30, 2021 (unaudited) was as follows:

 

(millions)

 

September 30, 2021

 

Total authorized repurchase amount

 

$

100.0

 

Total value of shares repurchased

 

 

40.6

 

Total remaining authorized repurchase amount

 

$

59.4