Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity and Securities and Use of Proceeds.
The Company may repurchase AAON, Inc. stock on the open market from time to time, up to a total of 5.7 million shares. We have repurchased a total of approximately 4.2 million shares (at current market prices) under the various open market stock buyback programs for an aggregate price of $74.8 million, or an average price of $17.79 per share. The Board must authorize the timing and amount of these purchases and all repurchases are in accordance with the rules and regulations of the SEC allowing the Company to repurchase shares from the open market.
On July 1, 2005, we entered into a stock repurchase arrangement by which employee-participants in our 401(k) savings and investment plan are entitled to have shares of AAON, Inc. stock in their accounts sold to the Company. The maximum number of shares to be repurchased is contingent upon the number of shares sold by employees. From inception through June 30, 2020, we repurchased approximately 7.7 million shares (at current market prices) for an aggregate price of $130.9 million, or an average price of $17.05 per share.
Lastly, the Company repurchases shares of AAON, Inc. stock from certain of its directors and employees. The number of shares to be repurchased is contingent upon Board approval. From inception through June 30, 2020, we repurchased approximately 2.0 million shares (at current market prices) for an aggregate price of $20.7 million, or an average price of $10.32 per share.
Repurchases during the second quarter of 2020 were as follows:
ISSUER PURCHASES OF EQUITY SECURITIES
Period (a)
Total
Number
of Shares
(or Units)
Purchased (b)
Average
Price
Paid
Per Share
(or Unit) (c)
Total Number
of Shares (or
Units) Purchased
as part of
Publicly Announced
Plans or Programs (d)
Maximum Number (or
Approximate Dollar
Value) of Shares (or
Units) that may yet be
Purchased under the
Plans or Programs
April 2020 19,610 $ 47.73 19,610 —
May 2020 34,740 49.75 34,740 —
June 2020 33,630 55.22 33,630 —
Total 87,980 $ 51.39 87,980 —
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Mine Safety Disclosures.
Not applicable.
Item 4A. Submission of Matters to a Vote of Security Holders.
None.
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.