Stockholder's Equity

6 Months Ended

Jun. 30, 2018

Equity [Abstract]

Stockholder's Equity

Stockholder's Equity

Share Repurchase Program

On February 5, 2018, the Company's Board of Directors authorized a $100.0 million share repurchase program, which was announced on February 12, 2018. The stock repurchase authorization does not have an expiration date. The Company's stock repurchases may be effected from time to time through open market purchases. Repurchased shares are retired and reclassified as authorized and unissued shares of common stock. On retirement of the repurchased shares, common stock is reduced by an amount equal to the number of shares being retired multiplied by the par value. The excess of the cost of treasury stock that is retired over its par value is first allocated as a reduction to additional paid-in capital based on the initial public offering price of the stock, with the remaining excess to retained earnings.

During the six months ended June 30, 2018, the Company repurchased 256,827 shares of its common stock for approximately $19.4 million. All share repurchases were made using cash resources. As of June 30, 2018, approximately $80.6 million remained available for share repurchases pursuant to the Company's share repurchase program.