Common and Preferred Stock

6 Months Ended

Jun. 30, 2017

Equity [Abstract]

Common and Preferred Stock

Common and Preferred Stock

On December 1, 2015, the Company’s Board of Directors approved a $300.0 million increase in the authorized level for repurchases of common stock. Repurchases will be funded with future cash flow generation or borrowings available under the Revolving Facility. During the six months ended June 30, 2017, the Company purchased a total of 106 thousand shares at a cost of $9.8 million. During the six months ended June 30, 2016, the Company purchased a total of 726 thousand shares at a cost of $53.9 million, of which $0.2 million was settled in July 2016. As of June 30, 2017, the amount of share repurchase authorization remaining is $570.2 million.

At June 30, 2017 and December 31, 2016, the Company had 150 million shares of authorized common stock, with a par value of $.01 per share, and 5 million shares of authorized preferred stock, with a par value of $.01 per share. No preferred stock was outstanding at June 30, 2017 or December 31, 2016.