Capital Stock

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Capital Stock

CAPITAL STOCK

On June 16, 2021, the company repurchased an aggregate of 600,000 shares of its common stock from the Lenders (as defined in Note 9 - Long-Term Debt and Other Long-Term Liabilities) which received these shares as an exit fee during the company’s reorganization. The Lenders were paid $15.00 per share for their respective shares, for an aggregate cash purchase price of $9.0 million. The cash purchase price and direct acquisition costs are reflected as treasury stock on the unaudited condensed consolidated balance sheets as of September 30, 2021.

In June 2021, the company's board of directors (the Board) authorized repurchasing up to $25.0 million of the company’s outstanding common stock. In October 2021, the Board authorized an increase from $25.0 million of authorized repurchases to $50.0 million. The repurchases will be made through open market purchases, privately negotiated transactions, or other available means. The company has no obligation to repurchase any shares under the repurchase program and may suspend or discontinue it at any time without prior notice.

As of September 30, 2021, the company has repurchased a total of 350,037 shares at an average share price of $26.70 for an aggregate purchase price of $9.3 million under the repurchase program.

During the three months ended September 30, 2021, the company also repurchased 78,000 shares at a share price of $19.07 which were not part of the repurchase program.

Subsequent to September 30, 2021, the company repurchased an additional 711,926 shares under the repurchase program at an average share price of $34.80 for an aggregate purchase price of $24.8 million bringing the aggregate shares repurchased under all methods since the Effective Date to 1,739,963 shares.