Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity

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Stockholders' Equity
9 Months Ended
Sep. 30, 2020
Equity [Abstract]  
STOCKHOLDERS’ EQUITY STOCKHOLDERS’ EQUITY
Preferred Stock
The Company is authorized to issue 5 million shares of preferred stock. The Board had designated 2 million of those shares as "Series A Preferred Stock." At December 31, 2019, a total of 2 million shares of Series A Preferred Stock were issued and outstanding. All outstanding shares of Series A Preferred Stock were converted into shares of common stock of the Company during the first quarter of 2020.
Repurchases of Common Stock
During the three months ended September 30, 2020, as part of its previously-announced $750 million share repurchase program, the Company repurchased approximately 0.2 million shares of its common stock for approximately $2.6 million, at an average price of approximately $11.24 per share. During the nine months ended September 30, 2020, the Company repurchased approximately 4.0 million shares of its common stock for approximately $35.7 million, at an average price of approximately $8.96 per share. The repurchases were funded from cash on hand and the shares were allocated to treasury shares. The remaining authorization under the Company's share repurchase program was approximately $207 million at September 30, 2020.
On October 6, 2020, the Company repurchased 1.5 million shares of its common stock at $11.50 per share or an aggregate purchase price of approximately $17.3 million. The repurchase was funded from cash on hand and the shares were allocated to treasury shares.