Quarterly report pursuant to Section 13 or 15(d)

Share Repurchase Program

v3.8.0.1
Share Repurchase Program
3 Months Ended
Mar. 31, 2018
Share Repurchase Program  
Share Repurchase Program

11.  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.  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, 

 

    

2018

    

2017

Number of shares repurchased

 

 

13,657

 

 

397,035

Share repurchase cost (in thousands)

 

$

(a)

 

$

17,379

Average price per share

 

$

(a)

 

$

43.77


(a)

On May 5, 2017, under the 2017 Repurchase Program, we entered into the 2017 ASR Agreement.  When the agreement became effective on July 5, 2017, we paid BofA $100.0 million in exchange for an initial delivery of 1.5 million shares of our common stock, representing an estimated 80 percent of the total number of shares we expected to receive under the 2017 ASR Agreement.  During the three months ended March 31, 2018, we received 13,657 shares of our common stock, representing the final settlement of the 2017 ASR Agreement.  We purchased a total of 1,521,100 shares of our common stock under the 2017 ASR Agreement at an average price per share of $65.74.