STOCKHOLDERS' EQUITY

9 Months Ended

Jun. 30, 2020

Equity [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

Repurchase of Common Stock

During the nine months ended June 30, 2020, the Company repurchased 3,498,394 of its shares, at an average price of $34.34, which exhausted the remaining shares available for repurchase by the Company under the March 26, 2019 share repurchase program. The Company's Board of Directors authorized the November 20, 2019 share repurchase program to repurchase up to an additional 7,500,000 shares of the Company's outstanding common stock through December 31, 2022. During the three months ended June 30, 2020, the Company did not repurchase shares as part of the share repurchase program because the Company suspended its share repurchase activity in March 2020.

For the nine months ended June 30, 2020, and 2019, the Company also repurchased 89,613 and 90,264 shares, or $3.0 million and $3.0 million of common stock, respectively, in settlement of employee tax withholding obligations due upon the vesting of restricted stock.

Repurchase of Treasury Stock

On June 25, 2019, the Company retired 114,558 shares of common stock held in treasury. The Company accounts for the retirement of repurchased shares, including treasury stock, using the par value method under which the repurchase price is charged to paid-in capital up to the amount of the original proceeds of those shares. When the repurchase price is greater than the original issue proceeds, the excess is charged to retained earnings. No shares of common stock held in treasury were retired in the nine months ended June 30, 2020.