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 quarter ended September 30, 2021, the Company received shares of common stock from employees of the Company to pay their share of payroll taxes arising from the vesting of restricted stock. The table below summarizes information about the Company's purchases of its equity securities during the quarter ended September 30, 2021.
Period (a) Total Number of
Shares
Purchased and Received (1) (b) Average Price
Paid per Share(1) (c) Total Number of Shares Purchased as Part
of Publicly Announced Plans or Programs (2) (d) Maximum
Dollar Value
of Shares that
May Yet Be Purchased
Under the Plans or
Programs (2)
July 2021 — $— Not applicable $1.0 million
August 2021 — $— Not applicable $1.0 million
September 2021 353 $ 4.53 Not applicable $1.0 million
Total
353
(1) During the current quarter the Company received 353 shares of common stock surrendered by employees to pay their payroll tax liabilities arising from the vesting of restricted stock.
(2) On May 12, 2015, the Board of Directors approved a share repurchase program covering up to $5 million of the Company's common stock. Under the program's terms, shares may be repurchased only on the open market and in accordance with the requirements of the SEC. The timing and amount of repurchases will depend upon several factors, including financial resources and market and business conditions. There is no fixed termination date for this repurchase program, and the repurchase program may be suspended or discontinued at any time. Such shares are initially recorded as treasury stock, then subsequently canceled.
Item 3. Defaults Upon Senior Securities
Not applicable.
Item 4. Mine Safety Disclosures
Not applicable.
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.