Common and Preferred Stock

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Common and Preferred Stock

Common and Preferred Stock

On December 1, 2015, the Company’s Board of Directors approved an increase of $300.0 million in the authorized level of repurchases of common stock. This followed the prior Board of Directors approved repurchase authorization of $400.0 million

that was announced by the Company on November 6, 2014. These authorizations have no expiration date. Repurchases under the program will be funded with future cash flow generation or borrowings available under the Revolving Facility. During 2019, the Company repurchased a total of 389 thousand shares at a cost of $54.7 million, compared to 1.3 million shares repurchased at a cost of $173.9 million in 2018. As of December 31, 2019, the amount of share repurchase authorization remaining was $322.3 million.

At December 31, 2019 and 2018, the Company had 150 million shares of authorized common stock, with a par value of $.01 per share, and five million shares of authorized preferred stock, with a par value of $.01 per share. No preferred stock was outstanding at December 31, 2019 and 2018.