Shareholders' Equity

12 Months Ended

Dec. 31, 2017

Equity [Abstract]

Shareholders' Equity

SHAREHOLDERS’ EQUITY

The Company held 20,733,010 shares in its treasury and was authorized to purchase an additional 7,162,279 shares at December 31, 2017. On February 13, 2018, the Company replaced the stock repurchase program previously authorized by its Board of Directors with a newly authorized $500 million stock repurchase program. The holders of common stock are entitled to receive dividends and other distributions in cash, stock or property of the Company as and when declared by its Board of Directors out of legally available funds. Certain unvested time-based restricted stock awards entitle participants to vote and accrue dividends during the vesting period. As of December 31, 2017, the Company had issued approximately 306,000 unvested restricted stock awards that contain voting rights but are not presented as outstanding on the consolidated balance sheet.

In 2017, the Company repurchased 1,961,442 shares of its common stock for $62.6 million. In 2016, the Company repurchased 1,372,700 shares of its common stock for $34.5 million. There was no share repurchase activity during 2015.

The Company has 1,000,000 shares of preferred stock authorized. The shares are issuable in series with terms for each series fixed by, and such issuance subject to approval by, the Board of Directors. As of December 31, 2017, no preferred shares have been issued.