Item 2. Unregistered Sales of Equity Securities
Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Issuer Repurchases of Equity Securities
A summary of the repurchase activity for the three months ended June 30, 2026 (dollars in millions, shares in thousands, except per share amounts):
Period Total Number of Shares Purchased (1)
Average Price Paid Per Share (2)
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
April 1 to April 30, 2026 — $ — — $ —
May 1 to May 31, 2026 — $ — — $ —
June 1 to June 30, 2026 257 $ 155.54 257 $ 60.0
Total 257 $ 155.54 257 $ 60.0
(1) These purchases were effectuated through a Rule 10b5-1 trading plan adopted by the Company on June 12, 2026.
(2) The average price paid per share excludes any broker commissions.
Stock Repurchase Programs — On May 13, 2026, the Board of Directors approved a stock repurchase program pursuant to which we are authorized to repurchase up to $40.0 million of our common stock under the program for a period of approximately 12 months from June 12, 2026. On June 12, 2026, the Board of Directors approved an amendment to the stock repurchase program pursuant to which we are authorized to repurchase an additional $60.0 million of our common stock under the program. During the three months ended June 30, 2026, we repurchased 257 shares of our common stock for $40.0 million. As of June 30, 2026, $60.0 million authorized for repurchase remained available under the stock repurchase program.
On May 15, 2025, the Board of Directors approved a stock repurchase program pursuant to which we are authorized to repurchase up to $20.0 million of our common stock under the program for a period of approximately 12 months from June 16, 2025. The stock repurchase program expired on June 16, 2026 and is no longer in effect. We did not repurchase any shares pursuant to this stock repurchase program.
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Under each of our repurchase programs, we are authorized to repurchase our issued and outstanding common shares from time to time in open-market and privately negotiated transactions, tender offers, pursuant to contractual provisions, and block trades, or otherwise in accordance with federal securities laws. The share repurchase program does not obligate us to acquire any specific number of shares. Any such repurchases will depend on our business strategy, prevailing market conditions, our liquidity requirements, contractual restrictions or covenants, compliance with securities laws, and other factors. The amounts involved in any such transaction may be material.
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