Shareholders' Equity

9 Months Ended

Sep. 30, 2019

Shareholders' Equity [Abstract]

Shareholders' Equity

SHAREHOLDERS’ EQUITY

On October 30, 2018, the Board of Directors of the Company approved a new common stock repurchase program of up to $300.0 million. The new program replaced the prior $250.0 million program that was authorized in April 2017 and had unused authorization of $78.3 million. The new authorized amount includes and is not in addition to any unspent amount remaining under the prior authorization. Repurchases may be made at management’s discretion from time to time on the open market (either with or without a 10b5-1 plan) or through privately negotiated transactions. The repurchase program has no time limit and may be suspended or discontinued at any time.

For the three and nine months ended September 30, 2019, we repurchased 202,449 and 672,473 shares, respectively, of our common stock under the October 2018 stock repurchase program at an aggregate purchase price of $25.0 million and $68.0 million, respectively, based on trade date. We had approximately $200.0 million of repurchase authority remaining under this program at September 30, 2019, based on trade date. As of September 30, 2019, we accrued $3.7 million for the future cash settlement of executed repurchases of our common stock compared to $2.5 million as of December 31, 2018.

On November 29, 2017, the Board of Directors of the Company authorized a $500.0 million share repurchase program in a "modified Dutch auction" tender offer (the "Tender Offer") utilizing a portion of the proceeds from the Big Fish Transaction. The Company completed the Tender Offer on February 12, 2018, and repurchased 5,660,376 shares of the Company's common stock at a purchase price of $88.33 per share with an aggregate cost of $500.0 million, excluding fees and expenses related to the Tender Offer.