Quarterly report pursuant to Section 13 or 15(d)

Share Repurchase Program

v3.7.0.1
Share Repurchase Program
3 Months Ended
Mar. 31, 2017
Share Repurchase Program  
Share Repurchase Program

12.  SHARE REPURCHASE PROGRAM

 

On March 1, 2016, our Board authorized the 2016 Repurchase Program, which expired on February 28, 2017.  We repurchased a total of 788,399 shares for an approximate cost of $26.6 million, or $33.72 per share, under the 2016 Repurchase Plan.

 

On February 24, 2017, our Board authorized the 2017 Repurchase Program, pursuant to which we may purchase up to $200 million of our common stock.  Share repurchases under the 2017 Repurchase Program may be executed through various means including, without limitation, open market purchases, privately negotiated transactions, or otherwise.  The 2017 Repurchase Program does not obligate the Company to purchase any shares and expires February 24, 2019.  Authorization for the 2017 Repurchase Program may be terminated, increased, or decreased by our Board at its discretion at any time.

 

The following table sets forth our share repurchases under the 2016 and 2017 Share Repurchase Programs:

 

 

 

 

 

 

 

 

Three Months Ended

 

 

March 31, 

 

 

2017

Number of shares purchased

 

 

397,035

Share repurchase cost (in thousands)

    

$

17,379

Average price per share

 

$

43.77