Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Issuer Purchases of Securities
On March 4, 2022, the Corporation’s Board approved a new share repurchase program. The program authorized the repurchase by the Corporation of up to $5 million of its total outstanding shares of common stock over a period of approximately twelve months, ending March 4, 2023. During March, the Corporation repurchased a total of 4,502 shares for approximately $148,000 at an average cost of $32.87 per share.
Under the share repurchase program, the Corporation is authorized to repurchase shares from time to time in the open market or negotiated transactions at prevailing market rates, or by other means in accordance with federal securities laws. In connection with the share repurchase program, the Corporation implemented a 10b5-1 trading plan. The trading plan allows the Corporation to repurchase shares of its common stock at times when it otherwise might be prevented from doing so under insider trading laws by requiring that an agent selected by the Corporation repurchase shares of common stock on the Corporation’s behalf on pre-determined terms.
The following table sets forth information about the Corporation's purchases of its common stock during the three months ended March 31, 2022.
Period Total Number of Shares Purchased (1)
Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Total Number of Shares that May Yet Be Purchased Under the Plans or Programs
January 1, 2022 - January 31, 2022 — $ — — —
February 1, 2022 - February 28, 2022 13,721 33.60 — —
March 1, 2022 - March 31, 2022 4,502 32.87 4,502 —
Total 18,223 33.42 4,502 138,622
(1) During the first quarter of 2022, the Corporation repurchased an aggregate 18,223 shares of the Corporation’s common stock in open-market transactions, of which 4,502 shares were purchased pursuant to the repurchase program publicly announced on March 4, 2022, and of which 13,721 shares were surrendered to us to satisfy income tax withholding obligations in connection with the vesting of restricted awards.
Item 3. Defaults Upon Senior Securities
Not applicable.
Item 4. Mine Safety Disclosures
Not applicable.
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