Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equi ty Securities and Use of Proceeds
In November 2020, the Onto Innovation Board of Directors approved a share repurchase authorization, which allows the Company to repurchase up to $100 million worth of shares of its common stock. During the three months ended April 1, 2023, we repurchased 46 thousand shares of common stock under this repurchase authorization and those shares were subsequently retired. At April 1, 2023, there was $31.6 million available for future share repurchases under this share repurchase authorization. For further information, see Note 15, “Share Repurchase Authorization” of the Notes to the Condensed Consolidated Financial Statements.
In addition to our share repurchase program, we withhold common stock shares associated with net share settlements to cover tax withholding obligations upon the vesting of restricted stock unit awards and stock option exercises under the Company’s equity incentive program. During the three months ended April 1, 2023, we withheld 75 thousand shares through net share settlements. For the three month period ended April 1, 2023, net share settlements cost $6.3 million. Please refer to Note 9, “Share-Based Compensation,” of the Notes to the Condensed Consolidated Financial Statements for further discussion regarding our equity incentive plan.
The following table provides details of common stock purchased during the three months ended April 1, 2023 (in thousands, except per share data):
Period
Total Number
of Shares
Purchased (1)
Average Price Paid per Share
Total Number of Shares Purchased as Part of Publicly Announced Program
Maximum Approximate Dollar Value of Shares that May Yet be Purchased Under the Program
January 1, 2023 - February 1, 2023
48
$
69.55
46
$
31,577
February 2, 2023 - March 1, 2023
60
$
82.98
—
$
31,577
March 2, 2023 - April 1, 2023
13
$
87.69
—
$
31,577
Three months ended April 1, 2023
121
$
78.17
46
1 Includes shares withheld through net share settlements.
Item 3. Defaults Upo n Senior Securities
None.
Item 4. Mine Saf ety Disclosures
None.
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