Stock Repurchase Program

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Stock Repurchase Program

Stock Repurchase Program

The Company's stock repurchase programs assist in offsetting the impact of dilution from employee equity compensation and assist with capital allocation. Upon approval from the Board of Directors of the Company, management is allowed discretion in the execution of the repurchase program based upon market conditions and consideration of capital allocation.

In February 2019, the Company entered into a Stock Repurchase Agreement with Azzurro, a significant shareholder of the Company and repurchased 100,000 shares of the Company’s common stock for an aggregate purchase price of $1.6 million, which were retired and recorded as a reduction of additional paid-in capital until extinguished with the remaining amount reflected as a reduction of retained earnings.

In May 2019, the Company announced a stock repurchase program authorizing the repurchase of up to 1,000,000 shares of the Company’s outstanding common stock. The Company did not purchase common stock during the three months ended September 30, 2020. During the three months ended September 30, 2019, the Company repurchased 186,369 shares of common stock for an aggregate purchase price of $2.3 million. During the nine months ended September 30, 2020 and 2019, the Company repurchased 169,602 shares and 436,369 shares of common stock for an aggregate purchase price of $1.2 million and $7.2 million, respectively, under the stock repurchase program. There were 395,029 shares remaining to be repurchased under this program as of September 30, 2020.

In November 2019, the Company entered into a Stock Repurchase Agreement with Mr. Holger Bartel to repurchase an aggregate of 200,000 shares of the Company’s common stock for an aggregate purchase price of $2.0 million, which were retired and recorded as a reduction of additional paid-in capital until extinguished with the remaining amount reflected as a reduction of retained earnings.