Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
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, which became effective in November 2020 and did not have an expiration date, was completed during the three months ended March 31, 2022.
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On January 19, 2022, 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 became effective during the three months ended March 31, 2022, upon completion of the repurchase program authorized in October 2020 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 its shares under its repurchase programs.
The following table reflects the Company’s repurchase activity during the three months ended March 31, 2022.
Total Number of
Maximum Number
Total Number
Average
Shares Purchased
of Shares that May
of Shares
Price
as Part of Publicly
Yet Be Purchased
Purchased
Per Share
Announced Plan
Under the Plan(1)
January 1, 2022 – January 31, 2022
79,927
$
58.79
79,927
141,211
February 1, 2022 – February 28, 2022
189,288
60.64
189,288
951,923
March 1, 2022 – March 31, 2022
150,000
60.95
150,000
801,923
419,215
$
60.40
419,215
(1) Amount represents the number of shares available to be repurchased under the then-current program as of the last calendar day of the month shown.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable
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