Share Repurchase Program |
12 Months Ended | |||||||||||||||||||||||||||||||||||
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| Share Repurchase Program |
16. SHARE REPURCHASE PROGRAMS
On July 26, 2021, our Board authorized the 2021 Repurchase Program, pursuant to which the Company may purchase up to $200.0 million of our common stock. Share repurchases may be executed through various means including open market purchases, privately negotiated transactions, accelerated share repurchase transactions, or other available means. The 2021 Repurchase Program does not obligate the Company to purchase any shares and has no expiration date. Authorization for the 2021 Repurchase Program may be terminated, increased, or decreased by the Board at its discretion at any time. As of December 31, 2021, the Company has $200.0 million remaining under the 2021 Repurchase Program.
On February 22, 2019, our Board authorized the 2019 Repurchase Program, pursuant to which the Company may purchase up to $200.0 million of our common stock. Share repurchases may be executed through various means including open market purchases, privately negotiated transactions, accelerated share repurchase transactions, or other available means. The 2019 Share Repurchase Program does not obligate the Company to purchase any shares and has no expiration date. Authorization for the 2019 Share Repurchase Program may be terminated, increased, or decreased by the Board at its discretion at any time. As of December 31, 2021, the Company has approximately $4.4 million remaining under the 2019 Repurchase Program.
Effective November 4, 2019, under the 2019 Repurchase Program, we entered into the 2019 ASR Agreement. We paid BofA $50.0 million in exchange for an initial delivery of 392,501 shares of our common stock on November 5, 2019, representing an estimated 85% of the total number of shares we expected to receive under the 2019 ASR Agreement, at the time we entered into the agreement. During the quarter ended March 31, 2020, we received an additional 73,455 shares of our common stock from BofA representing the final settlement of the 2019 ASR agreement. We purchased a total of 465,956 shares of our common stock under the 2019 ASR Agreement at an average price per share of $107.31.
The following table sets forth our share repurchases under the 2019 Repurchase Program during the periods presented:
(a) The year ended December 31, 2020 includes 73,455 shares we received as final settlement of our 2019 ASR Agreement. |
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