Shareholders' Equity

12 Months Ended

Dec. 31, 2018

Equity [Abstract]

Shareholders' Equity

SHAREHOLDERS’ EQUITY

At December 31, 2018, the Company held 23,567,979 shares in its treasury and had the authority to purchase additional shares up to its remaining authorization limit of $331.3 million. The holders of common stock are entitled to receive dividends and other distributions in cash or stock 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, 2018, the Company had issued approximately 387,000 unvested restricted stock awards that contain voting rights but are not presented as outstanding on the consolidated balance sheet.

In 2018, the Company repurchased 3,749,493 shares of its common stock for $168.7 million. 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.

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, 2018, no preferred shares have been issued.