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Stock Repurchase Program
12 Months Ended
Dec. 31, 2015
Equity [Abstract]  
Stock Repurchase Program
Stock Repurchase Program
As of January 1, 2015, the Company had $103.8 million remaining under its Stock Repurchase Program. From January 1 through August 15, 2015, the Company repurchased 634,596 shares of its common stock in open market transactions at an average weighted price of $16.03, for a total of $10.2 million. On August 15, 2015 the Company’s Board of Directors increased the Stock Repurchase Program authorization to permit the repurchase of up to $300.0 million (including $93.6 million that remained unused from the previous authorization).
On August 21, 2015, the Company commenced a tender offer to purchase up to 16,666,666 shares of its common stock at a price of $18.00 per share. Upon consummation of this tender offer, the Company purchased 16,348,143 of its common stock at a purchase price of $18.00 per share, for a total purchase price of $294.3 million and $0.5 million in related costs. In October 2015, the Company’s Board of Directors again increased the Stock Repurchase Program authorization to permit the repurchase of an additional $200.0 million. As of December 31, 2015, the Company had a total of $205.7 million available for purchase of shares under its Stock Repurchase Program. The Company may repurchase stock in open market purchases from time to time pursuant to Rule 10b-18, in privately negotiated transactions or otherwise. The timing and amount of any additional shares to be repurchased will depend upon a variety of factors, including market and business conditions, applicable legal requirements and other factors. Repurchases may be commenced or suspended at any time or from time to time without prior notice. The Stock Repurchase Program will continue until otherwise modified or terminated by the Company’s Board of Directors at any time in its sole discretion. Subsequent to December 31, 2015 but prior to the filing of this annual report, the Company purchased an additional 995,650 shares for an aggregate purchase price of $14.8 million.