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Stockholders' Equity
12 Months Ended
Dec. 31, 2019
Stockholders' Equity Disclosure [Abstract]  
Stockholders' Equity
NOTE 20. STOCKHOLDERS' EQUITY
Common Stock Repurchased
The Company's common stock repurchased consisted of: (1) restricted stock surrendered as treasury shares and (2) stock purchased under the Company's Stock Repurchase Programs and retired.
Treasury Shares
As a Delaware corporation, the Company records treasury shares for shares surrendered to the Company resulting from statutory payroll tax obligations arising from the vesting of restricted stock. During the years ended December 31, 2019, 2018, and 2017, the Company purchased 218,531 treasury shares at a weighted average price of $38.66 per share, 181,642 treasury shares at a weighted average price of $50.37 per share, and 188,870 treasury shares at a weighted average price of $50.17 per share.
Stock Repurchase Programs
The Stock Repurchase Program was initially authorized by PacWest's Board of Directors on October 17, 2016, pursuant to which the Company could, until December 31, 2017, purchase shares of its common stock for an aggregate purchase price not to exceed $400 million. On November 15, 2017, PacWest's Board of Directors amended the Stock Repurchase Program to reduce the authorized purchase amount to $150 million and extend the maturity date to December 31, 2018. On February 14, 2018, PacWest's Board of Directors amended the Stock Repurchase Program to increase the authorized purchase amount to $350 million and extend the maturity date to February 28, 2019. On February 24, 2019, PacWest's Board of Directors authorized a new Stock Repurchase Program for an aggregate purchase price not to exceed $225 million until February 29, 2020, effective upon the maturity of the previous Stock Repurchase Program.
The common stock repurchases may be effected through open market purchases or in privately negotiated transactions and may utilize any derivative or similar instrument to effect share repurchase transactions (including, without limitation, accelerated share repurchase contracts, equity forward transactions, equity option transactions, equity swap transactions, cap transactions, collar transactions, floor transactions or other similar transactions or any combination of the foregoing transactions).
The amount and exact timing of any repurchases will depend upon market conditions and other factors. The Stock Repurchase Program may be suspended or discontinued at any time. All shares repurchased under the various Stock Repurchase Programs were retired upon settlement. At December 31, 2019, the remaining amount that could be used to repurchase shares under the then current Stock Repurchase Program was $124.7 million.
The following table shows the repurchase amounts, shares repurchased, and weighted average price for stock repurchases under the various Stock Repurchase Programs for the years indicated:
 
Year Ended December 31,
Stock Repurchases Under Stock Repurchase Programs
2019
 
2018
 
2017
Dollar amount of repurchases (in thousands)
$
154,516

 
$
306,393

 
$
99,677

Number of shares repurchased
3,987,945

 
5,849,234

 
2,081,227

Weighted average price per share
$
38.75

 
$
52.38

 
$
47.89