Changes in Capitalization

12 Months Ended

Dec. 31, 2020

Stockholders' Equity Note [Abstract]

Changes in Capitalization

CHANGES IN CAPITALIZATION

Stock Repurchases

In January 2018, the board of directors of the Company approved a stock repurchase program to acquire up to $100 million of the Company's outstanding stock during 2018. In May 2018, the Company's board of directors authorized the expansion of its stock repurchase program, authorizing the Company to acquire up to an additional $100 million of its outstanding common stock during 2018 for a total of up to $200 million. This repurchase program was authorized to extend through December 31, 2018 and the Company repurchased 20.7 million shares of common stock in 2018 for $200.0 million in aggregate consideration.

In January 2019, the board of directors of the Company approved a new stock repurchase program to acquire a portion of the Company's outstanding common stock within a 24-month period. During 2019, the Company repurchased 3.8 million shares for a cost of approximately $30 million under this board approved program. The program was suspended in the fourth quarter of 2019, and no further repurchases were made under this program.

For the years ended December 31, 2020 and 2019, the Company repurchased approximately 0.2 million and 0.1 million shares for approximately $0.2 million and $0.7 million, respectively, to satisfy tax withholding requirements incurred upon the vesting of restricted stock. All repurchased shares have been canceled and returned to the status of authorized but unissued shares.