Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
On April 18, 2018, the Company's Board of Directors authorized management to repurchase up to 500,000 shares of the Company's outstanding common stock, under a program of open market purchases or privately negotiated transactions. This program does not have an expiration date. The authorization of this program terminated the previous repurchase program, which was approved in November 2006 with an authorization to repurchase up to 700,000 shares of the Company's outstanding common stock.
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The following table reflects the Company’s repurchase activity during the three months ended September 30, 2020.
Total Number
of Shares
Purchased
Average
Price
Per Share
Total Number of
Shares Purchased
as Part of Publicly
Announced Plan
Maximum Number
of Shares that May
Yet Be Purchased
Under the Plan(1)
July 1, 2020 – July 31, 2020
—
$ —
—
282,711
August 1, 2020 – August 31, 2020
7,600
38.82
7,600
275,111
September 1, 2020 – September 30, 2020
198,800
37.34
198,800
76,311
206,400
$ 37.39
206,400
_______________________
(1)
Amount represents the number of shares available to be repurchased under the April 2018 plan as of the last calendar day of the month shown.
On October 21, 2020, the Company's Board of Directors authorized management to repurchase up to 1,000,000 shares of the Company's outstanding common stock, under a program of open market purchases or privately negotiated transactions. This program does not have an expiration date. The authorization of this program is effective upon the completion of the purchase of the remaining shares yet to be purchased under the repurchase program authorized in April 2018 discussed above.
From time to time, the Company may utilize a pre-arranged trading plan pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934 to repurchase shares under its repurchase programs.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable
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