Common and Preferred Stock

3 Months Ended

Mar. 31, 2018

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 under the program will be funded with future cash flow generation or borrowings available under the Revolving Facility. During the three months ended March 31, 2017, the Company repurchased a total of 82 thousand shares at a cost of $7.6 million, of which $0.6 million was settled in April 2017. The Company did not repurchase any shares during the three months ended March 31, 2018. As of March 31, 2018, the amount of share repurchase authorization remaining was $550.9 million.

At March 31, 2018 and December 31, 2017, 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 March 31, 2018 or December 31, 2017.