Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
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. The authorization of this program became effective in March 2022 and did not have an expiration date.
On December 21, 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 in April 2023, upon completion of the repurchase program authorized in January 2022 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 June 30, 2023.
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)
April 1, 2023 – April 30, 2023
83,000
$
50.76
83,000
995,213
May 1, 2023 – May 31, 2023
57,000
49.86
57,000
938,213
June 1, 2023 – June 30, 2023
30,200
52.12
30,200
908,013
170,200
$
50.70
170,200
(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
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.