Stock Repurchases

12 Months Ended

Dec. 31, 2020

Stock Repurchases [Abstract]

Stock Repurchases

Stock Repurchases

    Effective February 6, 2017, the Company's Board of Directors unanimously approved and authorized a share repurchase plan of $150.0 million. The Board directed that the repurchases be funded with available cash balances and cash generated by the Company's operating activities. The aggregate amount of repurchases of the Company's equity shares is limited by restrictive covenants contained in our Credit Facility.

    The Company's share repurchase plan’s terms have been structured to comply with the SEC’s Rule 10b-18, and are subject to market conditions and applicable legal requirements. The program does not obligate the Company to acquire any specific number of shares and may be suspended or terminated at any time. All purchases are made in the open market. Treasury stock is recorded at its acquired cost. During 2020, there were no stock repurchases under the plan. During 2019, the Company repurchased and retired 95,000 shares of its common stock under these plans for total consideration of $4.2 million.

    As of December 31, 2020, the Company had $80.1 million remaining in its current Board of Directors-approved share repurchase program.