XML 32 R17.htm IDEA: XBRL DOCUMENT v3.19.2
TREASURY STOCK
6 Months Ended
Jun. 30, 2019
Treasury Stock Transactions, Excluding Value of Shares Reissued [Abstract]  
TREASURY STOCK TREASURY STOCK
As of June 30, 2019 and December 31, 2018, there were 2.9 million shares of treasury stock outstanding with a cost of $120.1 million and $120.6 million, respectively, at a weighted average cost per share of $41.86 and $41.87, respectively.
On December 11, 2018, the Board of Directors authorized the Company to repurchase up to $225.0 million of the Company’s common stock. The program allows the Company to repurchase its shares opportunistically from time to time. The repurchase authorization expires in December 2020. Purchases may be affected through one or more open market transactions, privately negotiated transactions, transactions structured through investment banking institutions, or a combination of the foregoing. As of June 30, 2019, there remained $225.0 million available for repurchase under this authorization. This stock repurchase authorization replaces the previous $150.0 million stock repurchase authorization, approved by the Board in 2016.
There were no cash treasury stock repurchases during the six months ended June 30, 2019 and 2018.