Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Eq uity Securities and Use of Proceeds
In October 2022, the Board authorized the purchase of up to $200 million of our Class A Common Stock pursuant to a share repurchase program (the “ 2022 Program ” ). Under the 2022 Program, the shares may be repurchased in the open market or in privately negotiated transactions, from time to time subject to market and other conditions. The approved share repurchase program does not obligate us to repurchase any dollar amount or number of shares and the program may be modified, suspended or discontinued at any time. We purchased 1,531,755 shares for $117.3 million under this authorization during the first nine months of 2023. The 2022 Program was terminated in October 2023 in conjunction with the authorization of the 2023 Program.
In October 2023, the Board authorized the purchase of up to $250 million of our Class A Common Stock pursuant to a share repurchase program (the “ 2023 Program ” ), which replaces the 2022 Program. Under the 2023 Program, the shares may be repurchased in the open market or in privately negotiated transactions, from time to time subject to market and other conditions. The approved share repurchase program does not obligate us to repurchase any dollar amount or number of shares and the program may be modified, suspended or discontinued at any time.
17
We purchased 2,324 shares for $0.2 million during the third quarter of 2023 related to withholding upon vesting of restricted stock. The table below includes information on a monthly basis regarding the number of shares delivered to us to satisfy the mandatory tax withholding requirement upon vesting of restricted stock during the third quarter of 2023. These shares do not reduce the repurchase authority under the 2022 Program.
Maximum Value of
Total
Total Number of
Shares that May Yet
Number of
Average
Shares Purchased as
Be Purchased Under
Shares
Price Paid
Part of the
the 2022 Program
Purchased
Per Share
2022 Program
(in 000’s)
July 2023
993
$
79.78
-
$
100,000
August 2023
209,603
$
83.12
208,330
$
82,678
September 2023
58
$
79.33
-
$
82,678
Total
210,654
$
83.11
208,330
$
82,678
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.