Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity

v3.20.2
Stockholders' Equity
6 Months Ended
Jun. 30, 2020
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
In November 2019, our board of directors approved a share repurchase program authorizing the repurchase of up to $100.0 million of our outstanding common stock. The share repurchase program is effective through November 7, 2020. Shares repurchased under the plan are retired. There was no repurchase activity during the three and six months ended June 30, 2020 and 2019.
On May 22, 2020, we consummated an underwritten public offering of 5.85 million shares of our common stock, which included 0.76 million shares sold pursuant to the underwriters’ full exercise of their option to purchase additional shares. The offering was priced at $59.00 per share for total gross proceeds of $345.0 million. The aggregate net proceeds to us were $334.1 million, after deducting underwriting discounts and offering expenses in the aggregate amount of $10.9 million.
Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income (loss) by component for the three and six months ended June 30, 2020 and 2019 were as follows:
Unrealized (Loss) Gain on Derivative Instruments, Net of Tax Foreign Currency Translation Adjustments Total
(in thousands)
Balance at January 1, 2020 $ (1,461)   $ (887)   $ (2,348)  
Other comprehensive income (loss) before reclassifications (3,549)   (505)   (4,054)  
Amounts reclassified from accumulated other comprehensive income (loss) 134    —    134   
Net current period other comprehensive income (loss) (3,415)   (505)   (3,920)  
Balance at March 30, 2020 (4,876)   (1,392)   (6,268)  
Other comprehensive income (loss) before reclassifications (414)   180    (234)  
Amounts reclassified from accumulated other comprehensive income (loss) 375    —    375   
Net current period other comprehensive income (loss) (39)   180    141   
Balance at June 30, 2020 $ (4,915)   $ (1,212)   $ (6,127)  
Balance at January 1, 2019(1)
$ 249    $ (716)   $ (467)  
Other comprehensive income (loss) before reclassifications (585)   (99)   (684)  
Amounts reclassified from accumulated other comprehensive income (loss) (221)   —    (221)  
Net current period other comprehensive income (loss) (806)   (99)   (905)  
Balance at March 31, 2019 (557)   (815)   (1,372)  
Other comprehensive income (loss) before reclassifications (991)   118    (873)  
Amounts reclassified from accumulated other comprehensive income (loss) (223)   —    (223)  
Net current period other comprehensive income (loss) (1,214)   118    (1,096)  
Balance at June 30, 2019 $ (1,771)   $ (697)   $ (2,468)  
(1)Reflects the cumulative effective of adopting ASU 2017-12 in the prior period.
The loss on our derivative instruments recognized in accumulated other comprehensive income (loss) during the three and six months ended June 30, 2020 results from a reduction in current and forecasted future LIBOR rates primarily driven by the market’s response to the COVID-19 pandemic.