Quarterly report pursuant to Section 13 or 15(d)

Share Repurchase Program

v3.10.0.1
Share Repurchase Program
 9 Months Ended
Sep. 30, 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.  Under the 2016 Repurchase Program we repurchased a total of 788,399 shares of our common stock for an approximate cost of $26.6 million, or $33.72 per share.

 

On February 24, 2017, our Board authorized the 2017 Repurchase Program, pursuant to which we may purchase up to $200.0 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, accelerated share repurchase 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 September 30, 

 

Nine Months Ended September 30, 

 

    

2018

 

2017

 

2018

    

2017

Number of shares repurchased

 

 

142,780

 

 

1,507,443

 

 

156,437

 

 

2,365,836

Share repurchase cost (in thousands)

 

$

9,493

 

$

100,000

    

$

(a)

 

$

139,286

Average price per share

 

$

66.49

 

$

66.34

 

$

(a)

 

$

58.87

(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 nine months ended September 30, 2018, we received an additional 13,657 shares of our common stock from BofA, 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.  Subsequent to the completion of the 2017 ASR Agreement, we purchased an additional 142,780 shares of our common stock at an average price per share of $66.49 under the 2017 Repurchase Program.