XML 25 R15.htm IDEA: XBRL DOCUMENT v3.8.0.1
Treasury Stock (Notes)
9 Months Ended
Sep. 30, 2017
Treasury Stock [Abstract]  
Treasury stock
Treasury Stock
On July 31, 2017, the Board of Directors approved the terms of a share repurchase program, under which the Company is authorized to repurchase up to $50.0 million of its common shares. The Company repurchased shares through open market purchases in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans and under Rule 10b-18 of the Securities Exchange Act of 1934.  Purchases were made at times and prices considered appropriate by management. Repurchased common stock is available for use in connection with the Company's stock plans and for other corporate purposes. This authority is primarily used to offset dilution caused by the issuance and exercise of stock options and other equity compensation programs. Based on the Company’s strong cash flow and balance sheet, this program did not impact our ability to execute our business plans, allocate capital for our capital investment projects or pursue other strategic initiatives. The Company financed the share repurchase program through its operating cash flow and cash on hand.
During the three months ended September 30, 2017, the Company repurchased approximately 2.1 million shares of its common stock through open market purchases at an average price of $23.89, and a total cost of $50.0 million, including broker's commissions. As of September 30, 2017, the share repurchase program was fully executed.
The repurchase of these shares by the Company was accounted for under the cost method. The share repurchases were recorded as "Treasury stock, at cost" on the Unaudited Condensed Consolidated Balance Sheets.