Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Equity of the Company

v3.19.2
Shareholders' Equity of the Company
 6 Months Ended
Jun. 30, 2019
Schedule of Shareholders' Equity of the Company [Line Items]  
Share Repurchase Program Shareholders’ Equity of the Company

Share Repurchase Program

In May 2017, the Company announced that our Board of Directors authorized the repurchase of up to $125.0 million of our outstanding common shares as market conditions warrant over a period commencing on May 19, 2017 and expiring on May 18, 2019. As of December 31, 2018, the remaining amount authorized to be repurchased under the program was approximately $55.7 million.

In February 2019, the Company’s Board of Directors authorized the repurchase of up to an additional $44.3 million of our outstanding common shares for a total authorized amount of $100.0 million. The Board of Directors also extended the expiration of the existing plan by two years to May 2021. Repurchases may be made from time to time through open market, privately-negotiated, structured or derivative transactions (including accelerated share repurchase transactions), or other methods of acquiring shares. The Company intends to structure open market purchases to occur within pricing and volume requirements of Rule 10b-18.  The Company may, from time to time, enter into Rule 10b5-1 plans to facilitate the repurchase of its shares under this authorization.

Shares repurchased are as follows:
 
 
Three months ended June 30,
 
Six months ended June 30,
 
 
2019
 
2018
 
2019
 
2018
Total number of shares purchased
 
558,399

 
475,549

 
558,399

 
919,249

Average price paid per share
 
$
17.89

 
$
21.01

 
$
17.89

 
$
21.74

Total price paid exclusive of commissions and related fees (in thousands)
 
$
9,989

 
$
9,990

 
$
9,989

 
$
19,980



The remaining amount authorized to be repurchased under the program as of June 30, 2019 was approximately $90.0 million.