Common Stock

3 Months Ended

Mar. 31, 2020

Equity [Abstract]

Common Stock

Common Stock

As of March 31, 2020, the Company’s Amended and Restated Certificate of Incorporation, as amended on November 9, 2009, authorized the Company to issue up to 80 million shares of common stock, par value $0.0001 per share, and 100,000 shares of one or more series of preferred stock, par value $0.0001 per share. On May 5, 2020, shareholders approved an increase in the number of authorized shares by 60.0 million to 140.0 million.

A reconciliation of changes in common shares issued during the three months ended March 31, 2020 is as follows:

Shares issued at December 31, 2019	63,656,897
Issued as restricted stock award grants	681,190
Shares issued at March 31, 2020	64,338,087

Stock Repurchase Program

In June 2015, the Company’s Board of Directors authorized the repurchase of up to $50 million of the Company’s common stock. Repurchases may be made in the open market or through privately negotiated transactions. Through March 31, 2020, the Company had repurchased $0.3 million of its common stock under this authorization in June 2015. During the three months ended March 31, 2020 and 2019, the Company did not repurchase any shares of its outstanding common stock under this authorization.

At March 31, 2020, the Company has $49.7 million remaining repurchase capacity under its share repurchase program.