COMMON STOCK AND CHANGES IN CAPITALIZATION |
3 Months Ended |
|---|---|
Mar. 31, 2019 | |
| Equity [Abstract] | |
| COMMON STOCK AND CHANGES IN CAPITALIZATION |
COMMON STOCK AND CHANGES IN CAPITALIZATION
Stock Repurchase Program
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. The repurchase program did not require the Company to acquire any specific number of shares. This repurchase program was authorized to extend through December 31, 2018 and was fully executed.
In January 2019, the board of directors of the Company approved a new stock repurchase program to acquire up to $400 million of the Company's outstanding common stock within a 24 month period. Purchases under the repurchase program may be made from time to time in open market or privately negotiated transactions, and are subject to market conditions, applicable legal requirements, contractual obligations and other factors. The repurchase program does not require the Company to acquire any specific number of shares. This repurchase program is authorized to extend through December 31, 2020 and may be suspended from time to time, modified, extended or discontinued by the board of directors at any time. The Company repurchased 3.6 million shares for a cost of approximately $28.2 million during the three months ended March 31, 2019. Additionally, during the three months ended March 31, 2019, the Company repurchased an immaterial number of shares for a cost of approximately $0.1 million 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.
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