Item 2. Unregistered Sales of Equity Securities
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Our board of directors has authorized the repurchase of Company stock. We spent $10.0 million on discretionary repurchases in the first quarter of fiscal 2024 to repurchase 0.4 million shares. As of July 29, 2023, 6.9 million shares remained available for repurchase pursuant to the board authorization. With the operating cash flows we anticipate generating in fiscal 2024, we expect to continue repurchasing Company stock.
The following table summarizes our repurchases of Company stock during the quarter ended July 29, 2023 and includes shares purchased from employees to satisfy their withholding tax obligations upon vesting of restricted shares:
(Unaudited, amounts in thousands, except per share data) Total number of
shares repurchased (1) Average price paid per share Total number of shares repurchased as part of publicly announced plan (2) Maximum number of shares that may yet be repurchased under the plan
Fiscal May (April 30 – June 3, 2023) — $ — — 7,262
Fiscal June (June 4 – July 1, 2023) 428 $ 27.96 357 6,905
Fiscal July (July 2 – July 29, 2023) — $ — — 6,905
Total (Fiscal First Quarter of 2024)
428 357 6,905
(1) In addition to the 357,038 shares we repurchased during the quarter as part of our publicly announced, board-authorized plan described above, this column includes 71,245 shares we repurchased from employees to satisfy their withholding tax obligations upon vesting of restricted and performance based shares.
(2) On October 28, 1987, our board of directors announced the authorization of the plan to repurchase Company stock. The plan originally authorized 1.0 million shares, and since October 1987, 33.5 million shares have been added to the plan for repurchase. The authorization has no expiration date.
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