Common Stock and Treasury Stock

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Common Stock and Treasury Stock

Common Stock and Treasury Stock

In 2005, the board approved a stock repurchase program authorizing the Company, as market and business conditions warrant, to acquire its common stock and periodically authorize additional funds for the program. In February 2018, the board approved the repurchase of the Company's common stock of up to $200.0 million, in place of the remaining purchase amounts previously authorized.

The Company repurchased 1,228,102 shares for $35.6 million under the program for the year ended December 31, 2019. Under the program to date, the Company has repurchased 45,357,495 shares for approximately $583.4 million. As of December 31, 2019, the maximum remaining amount authorized for purchase under the stock repurchase program was $141.0 million.

During the year ended September 30, 2006, the Company began to issue shares of treasury stock upon exercise of stock options, payment of earned performance shares, issuance of restricted share awards (“RSAs”), vesting of restricted share units (“RSUs”), and for issuances of common stock pursuant to the Company’s employee stock purchase plan ("ESPP"). Treasury shares issued during the year ended December 31, 2017, included 1,204,559, 560,174, and 158,194 shares issued pursuant to stock option exercises, RSA grants, and the ESPP, respectively. Treasury shares issued during the year ended December 31, 2018, included 1,379,704, 10,000, and 148,520 shares issued pursuant to stock option exercises, RSUs vested, and the ESPP, respectively. Treasury shares issued during the year ended December 31, 2019, included 854,524, 259,634, and 126,983 shares issued pursuant to stock option exercises, RSUs vested, and the ESPP, respectively.