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. With respect to the third quarter of fiscal 2024, pursuant to the existing board authorization, we adopted a plan to repurchase company stock pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934. The plan was effective October 30, 2023. Under this plan, our broker had the authority to repurchase Company shares on our behalf, subject to SEC regulations and the price, market volume and timing constraints specified in the plan. The plan expired at the close of business on January 26, 2024. We spent $20.0 million in the third quarter of fiscal 2024 to repurchase 0.6 million shares, pursuant to the plan and as discretionary purchases. As of January 27, 2024, 6.0 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, subject to market conditions and other factors as deemed relevant by our board of directors.
The following table summarizes our repurchases of Company stock during the quarter ended January 27, 2024 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 November (October 29 – December 2, 2023) 125 $ 30.89 125 6,453
Fiscal December (December 3 – December 30, 2023) 356 $ 36.72 356 6,097
Fiscal January (December 31 – January 27, 2024) 88 $ 35.82 86 6,011
Total (Fiscal Third Quarter of 2024)
569 567 6,011
(1) In addition to the 566,669 shares we repurchased during the quarter as part of our publicly announced, board-authorized plan described above, this column includes 2,820 shares we repurchased from employees to satisfy their withholding tax obligations upon vesting of restricted 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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