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Stock Repurchase Program
9 Months Ended
Sep. 30, 2015
Equity [Abstract]  
Stock Repurchase Program
Stock Repurchase Program
On August 15, 2015 the Company’s Board of Directors, approved an increase in the number of shares available for repurchase under its stock repurchase program (“Stock Repurchase Program”) of up to $300.0 million (including $93.6 million shares that were remaining and unused from a previous authorization). In addition, the Board of Directors authorized the Company to commence a tender offer for up to $300.0 million at a price of $18.00 per share, pursuant to Rule 10b-18. During the nine months ended September 30, 2015, the Company repurchased a total of 16,982,739 shares of its common stock outstanding. This amount included 16,348,143 shares purchased pursuant to a tender offer the Company announced on August 21, 2015, and which expired on September 22, 2015. Pursuant to the tender offer, in September 2015, the Company accepted for purchase 16,348,143 shares of its common stock at a purchase price of $18.00 per share, for a total purchase price of $294.3 million. The 16,348,143 shares of common stock repurchased included approximately 100,000 shares which were held in accounts managed by Fairholme Capital.  The respective account holders directed that the shares be tendered into the tender offer, and such shares were repurchased under the same terms as all other shares of common stock repurchased pursuant to the tender offer.  No shares in which Fairholme has a pecuniary interest, or for which Fairholme holds sole dispositive power, were tendered into the tender offer. In addition, prior to the commencement of the tender offer, the Company purchased 634,596 shares of its common stock under its previous Stock Repurchase Program at a weighted average purchase price of $16.03. As of September 30, 2015, there was $5.7 million remaining for purchase of shares under the Company’s Stock Repurchase Program.
In October 2015, the Company’s Board of Directors authorized an additional $200.0 million for share repurchases. The Company may repurchase its outstanding common stock in open market purchases from time to time pursuant to Rule 10b-18, in privately negotiated transactions or otherwise. As a result of the additional authorization, the Company has a total of $205.7 million available for purchase of shares under its Stock Repurchase Program.