Item 2. Unregistered Sales of Equity Securities
ITEM 2 – UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
On December 13, 2021, the Company announced that its Board authorized, effective December 10, 2021, a common share repurchase program to purchase up to two million shares of the Company’s common stock in the aggregate over a period of twelve months (the “Program”). The Program authorizes the purchase of the Company’s common stock in open market transactions or privately negotiated transactions, including pursuant to a trading plan in accordance with Rule 10b5-1 and/or Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended. The Program permits management to repurchase shares of the Company’s common stock from time to time at management’s discretion. The actual means and timing of any shares purchased under the Program will depend on a variety of factors, including the market price of the Company’s common stock, general market and economic conditions, and applicable legal and regulatory requirements. The Program is authorized through December 9, 2022, although it may be modified, terminated or extended by the Board at any time. The Program does not obligate the Company to purchase any particular number of shares.
The following table provides information regarding the Company’s purchases of our common stock during the quarter ended March 31, 2022.
Issuer Purchases of Equity Securities
Period Total Number of Shares Purchased (2)
Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum number (or approximate dollar value) of Shares that may yet be purchased under the plans or programs (1)
January 1 - January 31, 2022 292,575 $ 15.71 292,575 1,677,018
February 1 - February 28, 2022 381,469 16.05 381,469 1,312,967
March 1 - March 31, 2022 858,805 16.37 858,805 447,419
Total 1,532,849 $ 16.17 1,532,849
(1) The number shown represents, as of the end of each period, the approximate number of Common Stock shares that may yet be purchased under publicly-announced share repurchase plan authorizations. The shares may be purchased, from time-to-time, depending on market conditions.
(2) For the three months ended March 31, 2022, shares were withheld upon vesting of restricted shares granted to employees of the Company in order to satisfy tax withholding obligations.
As of April 28, 2022, the repurchase program to purchase up to two million shares of the Company’s common stock was fully executed.
ITEM 3 - DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4 – MINE SAFETY DISCLOSURES
None.
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