Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Issuer Purchases of Equity Securities during the three months ended March 31, 2025
Period Total number of shares purchased Average price paid per share Total number of shares purchased as part of publicly announced program Approx. dollar value of shares that may yet be purchased under the program (in thousands)
January 1 to January 31, 2025 128,370 $ 79.45 128,370 $ 65,817
February 1 to February 20, 2025
29,807 $ 79.82 29,807 $ 63,438
Total 158,177 158,177 $ —
Period Total number of shares purchased Average price paid per share Total number of shares purchased as part of publicly announced program Approx. dollar value of shares that may yet be purchased under the program (in thousands)
February 21 to February 28, 2025
85,971 $ 76.25 85,971 243,444
March 1 to March 31, 2025 681,295 $ 73.39 681,295 193,444
Total 767,266 767,266 $ 193,444
On February 21, 2025, the Company's Board of Directors authorized the Company to repurchase shares up to $250 million (excluding any fees, commissions, taxes or other expenses related to such purchases), which replaces the 2021 authorization. Share purchases may be made through open market purchases, privately negotiated transactions or otherwise. The program does not obligate the Company to acquire any particular amount of common stock, and it may be suspended or terminated at any time at the Company's discretion. The timing and amount of any share
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repurchases will be based on the Company’s liquidity, general business and market conditions, debt covenant restrictions and other factors, including alternative investment opportunities and capital structure. In total, the Company has repurchased 925,443 shares in 2025 for a total cost of $69.2 million. As of March 31, 2025, we were authorized to repurchase shares up to $193.4 million.
Under the Company's previously authorized $200 million stock repurchase program authorized on October 25, 2021, the Company has repurchased 1,649,081 shares for a total cost of $136.5 million as of March 31, 2025. Of this, 158,177 shares were repurchased in 2025 for $12.6 million, 182,901 shares were repurchased in 2024 for $14.5 million, 1,022,717 shares were repurchased in 2022 for $85.1 million and 285,286 shares were repurchased in 2021 for $24.3 million. There are no remaining shares under this plan as a result of the Board of Directors authorization of the $250 million plan on February 21, 2025, as detailed above.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not Applicable.
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