SHAREHOLDERS' EQUITY

3 Months Ended

Jun. 30, 2020

Equity [Abstract]

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY

Share Repurchase Program

On November 7, 2018, we announced that our Board of Directors authorized a program to repurchase up to $75.0 million of our common stock over a two-year period. These shares may be repurchased from time to time in the open market or in privately negotiated transactions. Repurchases will be made from time to time at our discretion, based on ongoing assessments of the capital needs of the business, the market price of our common stock and general market conditions. The program may be limited or terminated at any time at our discretion without notice. We repurchased 115,151 and 0 shares under the program during the three months ended June 30, 2020 and 2019, respectively, for an aggregate amount of $7.3 million and $0, respectively. As of June 30, 2020, a total of 740,137 shares had been repurchased for an aggregate amount of $46.0 million.

Dividends

In April 2019, we commenced a quarterly dividend program at a quarterly rate of $0.135 per share. Total dividends of $2.0 million and $2.0 million were paid during the three months ended June 30, 2020 and 2019, respectively.

On July 9, 2020, we announced a quarterly dividend of $0.135 per share payable on August 14, 2020 to shareholders of record as of July 31, 2020. Any future dividends at the existing $0.135 per share quarterly rate or otherwise will be reviewed individually and declared by our Board of Directors in its discretion.