Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Repurchases of Equity Securities
Stock Repurchase Plans —Our Board approved a stock repurchase program that permits the Company to repurchase our common stock. Management has discretion in determining the conditions under which shares may be purchased from time to time. The following table summarizes the stock repurchase plans approved by the Board:
May 2020 to May 2021 (1)
Feb 2021 to Jun 2022 (2)
Feb 2022 to Feb 2023 (3)
Approval Date May 2020 February 2021 February 2022
Authorized Repurchase Amount of Common Stock $5 million $20 million $15 million
(1) During the first quarter of 2021, the Company completed its purchases under the plan, which consisted of 2.2 million shares for $5.0 million, effectively ending the plan prior to its original expiration date.
(2) During the second quarter of 2021, the Company amended its $8 million stock repurchase program approved in February 2021 and allowed for the purchase of an additional $12.0 million of our common stock through June 2022, bringing total authorized purchases under the plan to $20.0 million. During the first quarter of 2022, the Company completed its purchases under the plan, which consisted of approximately 4.4 million shares for $20 million, effectively ending the plan prior to its original expiration date.
(3) On February 15, 2022, the Company announced that its Board of Directors approved a new stock repurchase program that permits the purchase of up to $15 million of the Company's common stock through February 2023.
During the quarter ended June 30, 2022, purchases of the Company's common stock were as follows:
Period (a) Total Number of Shares Purchased (1)
(b) Average Price Paid per Share (2)
(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (3)
(d) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
April 1 through April 30, 2022 261,220 $ 5.77 196,839 $ 12,004,937
May 1 through May 31, 2022 200,662 $ 6.27 200,662 $ 10,746,717
June 1 through June 30, 2022 227,568 $ 5.79 227,568 $ 9,428,219
Total 689,450 625,069
(1) Total number of shares purchased includes shares purchased under our stock repurchase plan described above and shares purchased pursuant to the 2012 Omnibus Equity Award Plan related to shares withheld to satisfy employee income tax obligations upon the vesting of restricted stock awards.
(2) Average price paid per share includes costs associated with the repurchases.
(3) Total number of shares purchased as part of publicly announced plans or programs includes shares purchased under our stock repurchase plan described above.
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