Stockholders' Equity

12 Months Ended

Dec. 31, 2020

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.

The following table shows the dollar amount of shares surrendered, shares surrendered, and weighted average price per share for restricted stock surrendered as treasury shares for the years indicated:

	Year Ended December 31,
Restricted Stock Surrendered as Treasury Shares	2020		2019		2018
Dollar amount of shares surrendered (in thousands)	$	5,369	$	8,449	$	9,149
Number of shares surrendered	213,578		218,531		181,642
Weighted average price per share	$	25.14	$	38.66	$	50.37

Stock Repurchase Programs

The Stock Repurchase Program was initially authorized by PacWest's Board of Directors on October 17, 2016. On February 12, 2020, PacWest's Board of Directors authorized a new Stock Repurchase Program to purchase shares of its common stock for an aggregate purchase price not to exceed $200 million. The new Stock Repurchase Program is effective from February 29, 2020 and terminates on February 28, 2021. On April 21, 2020, stock repurchases under the new Stock Repurchase program were suspended indefinitely.

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, 2020, the remaining amount that could be used to repurchase shares under the then current Stock Repurchase Program was $200.0 million.

The following table shows the repurchase amounts, shares repurchased, and weighted average price per share for stock repurchases under the various Stock Repurchase Programs for the years indicated:

	Year Ended December 31,
Stock Repurchases Under Stock Repurchase Programs	2020		2019		2018
Dollar amount of repurchases (in thousands)	$	70,000	$	154,516	$	306,393
Number of shares repurchased	1,953,711		3,987,945		5,849,234
Weighted average price per share	$	35.83	$	38.75	$	52.38