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Capital Stock
9 Months Ended
Sep. 30, 2020
Equity [Abstract]  
Capital Stock

Note 10. Capital Stock

 

The Company has 65 million shares of $0.01 par value common stock authorized for issuance. DFIN’s common stock is currently traded under the ticker symbol “DFIN” on the New York Stock Exchange.

The Company has one million shares of $0.01 par value preferred stock authorized for issuance. The Board may divide the preferred stock into one or more series and fix the redemption, dividend, voting, conversion, sinking fund, liquidation and other rights. The Company has no present plans to issue any preferred stock.

Common Stock Repurchase—On February 4, 2020, the Board authorized a stock repurchase program, under which the Company is authorized to repurchase up to $25.0 million of its outstanding common stock from time to time in one or more transactions on the open market or in privately negotiated purchases in accordance with all applicable securities laws and regulations and all repurchases in the open market will be made in compliance with Rule 10b-18 under the Exchange Act. The timing and amount of any shares repurchased are determined by the Company based on its evaluation of market conditions and other factors. Repurchases may also be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so. The stock repurchase program will be effective through December 31, 2021, however, it may be suspended or discontinued at any time.

During the first quarter of 2020, the Company repurchased 615,896 shares in open market transactions for $3.8 million at an average price of $6.19 per share. During the second quarter of 2020, the Company did not repurchase any shares. During the third quarter of 2020, the Company repurchased 443,872 shares in open market transactions for $5.1 million at an average price of $11.54 per share. As of September 30, 2020, the remaining authorized amount under the current authorization was approximately $16.1 million.