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.
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.
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The following table reflects the Company’s repurchase activity during the three months ended September 30, 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)
July 1, 2022 – July 31, 2022
67,471
$
59.25
67,471
304,352
August 1, 2022 – August 31, 2022
8,600
58.94
8,600
295,752
September 1, 2022 – September 30, 2022
74,200
58.89
74,200
221,552
150,271
$
59.06
150,271
(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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