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Note 15 - Accelerated Share Repurchases
12 Months Ended
Dec. 31, 2019
Notes to Financial Statements  
Accelerated Share Repurchases Disclosure [Text Block]
15.
Accelerated Share Repurchases
 
On
May 2, 2019,
the Company announced that its Board of Directors had authorized the repurchase of up to
$50.0
million shares of the Company’s common stock with
$30.0
million to be repurchased through an accelerated share repurchase program and up to
$20.0
million to be potentially repurchased on the open market from time-to-time. Through
December 31, 2019,
no
open market repurchases had been executed. On
May 7, 2019,
the Company entered into an accelerated share repurchase agreement with Morgan Stanley & Co. LLC (“Morgan Stanley”) pursuant to a Fixed Dollar Accelerated Share Repurchase Transaction (“ASR Agreement") to purchase
$30.0
million of shares of its common stock. Pursuant to the terms of the ASR Agreement, the Company delivered
$30.0
million cash to Morgan Stanley and received an initial delivery of
0.5
million shares of the Company’s common stock on
May 8, 2019
based on a closing market price of
$39.85
and the applicable contractual discount. This was approximately
60%
of the then estimated total number of shares expected to be repurchased under the ASR Agreement.
 
On
January 14, 2020,
the Company settled the approximately
$12.0
million remaining under the ASR Agreement, which was recorded as an equity forward sale contract and was included in additional paid-in-capital in stockholders' equity in the consolidated balance sheet as it met the criteria for equity accounting. Pursuant to the terms of the ASR Agreement, the final number of shares and the average purchase price was determined at the end of the applicable purchase period, which was
January 14, 2020.
Based on the volume-weighted average price since the effective date of the ASR Agreement less the applicable contractual discount, Morgan Stanley delivered
0.1
million additional shares to the Company on
January 17, 2020.
In total,
0.6
million shares were repurchased under the ASR Agreement at an average repurchase price of
$50.78
per share. These shares are held by the Company as authorized but unissued shares. All shares were repurchased in accordance with the publicly announced program, and the Company will
not
make any further purchases under the program. The initial delivery of shares resulted in an immediate reduction of the number of outstanding shares used to calculate the weighted-average common shares outstanding for basic and diluted net income per share on the effective date of the ASR Agreement.
 
On
May 24, 2018,
the Company entered into an accelerated stock repurchase agreement with Morgan Stanley pursuant to an ASR Agreement to purchase
$30.0
million of shares of its common stock. Pursuant to the terms of the ASR Agreement, the Company delivered
$30.0
million cash to Morgan Stanley and received an initial delivery of
0.4
million shares of the Company’s common stock on
May 24, 2018
based on a closing market price of
$41.41
and the applicable contractual discount.
 
On
July 16, 2018,
the Company settled the approximately
$12.0
million remaining under the ASR Agreement, which was recorded as an equity forward sale contract and was included in additional paid-in-capital in stockholders' equity in the consolidated balance sheet as it met the criteria for equity accounting. Pursuant to the terms of the ASR Agreement, the final number of shares and the average purchase price was determined at the end of the applicable purchase period, which was
July 16, 2018.
Based on the volume-weighted average price since the effective date of the ASR Agreement less the applicable contractual discount, Morgan Stanley delivered
0.4
million additional shares to the Company on
July 19, 2018.
In total,
0.8
million shares were repurchased under the ASR Agreement at an average repurchase price of
$37.18
per share. These shares are held by the Company as authorized but unissued shares. All shares were repurchased in accordance with the publicly announced program, and the Company will
not
make any further purchases under the program. The initial and final delivery of shares resulted in an immediate reduction of the number of outstanding shares used to calculate the weighted-average common shares outstanding for basic and diluted net income per share on the effective date of the ASR Agreement.