Item 2. Unregistered Sales of Equity Securities
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
The following table contains information about purchases of our common stock, excluding excise tax, during the third quarter of 2023:
Total number of shares of common stock purchased Average price paid per share of common stock (1)
Total number of shares of common stock purchased as part of publicly announced plan or programs Maximum number (or dollar value) of shares of common stock that may yet be purchased under the plans or programs (in thousands)
July 1, 2023—July 31, 2023 220,366 (2) $ 11.37 N/A N/A
August 1, 2023—August 31, 2023 541,494 (3) $ 9.85 541,494 $ 234,592
September 1, 2023—September 30, 2023 — $ — — $ 234,592
Total 761,860
(1) Excludes brokerage commissions and other costs of execution.
(2) Represents shares of common stock delivered to the Company by employees to satisfy income tax withholding obligations of the employees in connection with the vesting of restricted stock units.
(3) In April 2022, our Board of Directors approved and announced a new stock repurchase program authorizing the repurchase of up to $450 million of the Company’s outstanding common stock over the next four years. This program is expected to be funded using cash on hand and cash generated from operations. We primarily expect to conduct the repurchase program through negotiated transactions with the Company’s equity sponsors, as well as through open market repurchases or other means, including through Rule 10b-18 trading plans or through the use of other techniques such as accelerated share repurchases. The actual timing, number and nature of shares repurchased will depend on a variety of factors, including stock, price, trading volume, and general business and market conditions. The repurchase program does not obligate us to acquire any number of shares in any specific period or at all and may be amended, suspended or discontinued at any time at our discretion.
During the three months ended September 30, 2023, the Company repurchased 541,494 shares on the open market at an average price of $9.85 per share, for a total of $5.3 million, excluding brokerage commissions and accrued excise tax.
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