Quarterly report pursuant to Section 13 or 15(d)

Share Repurchase Program

v3.19.3
Share Repurchase Program
9 Months Ended
Sep. 30, 2019
Share Repurchase Program [Abstract]  
Share Repurchase Program

(7)

SHARE REPURCHASE PROGRAM

On February 6, 2018, the Company's Board of Directors authorized a share repurchase program (the “Share Repurchase Program”), pursuant to which the Company may, from time to time, purchase shares of its Class A common stock, par value $0.001 per share (“Class A common stock”), for an aggregate repurchase price not to exceed $150.0 million. As of September 30, 2019, there was $20.0 million remaining to repurchase shares under the Share Repurchase Program. The Share Repurchase Program expires on February 6, 2021. Share repurchases may be executed through various means, including, without limitation, open market transactions, privately negotiated transactions or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Act of 1934, as amended, subject to market conditions, applicable legal requirements and other relevant factors. The Share Repurchase Program does not obligate the Company to acquire any particular amount of shares of Class A common stock and the program may be suspended or discontinued at any time.

The following table provides a summary of the Company’s stock repurchase activities during the three and nine months ended September 30, 2019 and 2018:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Shares repurchased

 

 

 

 

 

1,406,591

 

 

 

968,724

 

 

 

1,993,163

 

Average cost per share

 

$

 

 

$

28.46

 

 

$

30.99

 

 

$

29.11

 

Total cost of shares repurchased (in thousands):

 

$

 

 

$

40,027

 

 

$

30,019

 

 

$

58,027