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 and nine months ended September 30, 2023, we repurchased 0 and 46 thousand shares of common stock, respectively, under this repurchase authorization and those shares were subsequently retired. At September 30, 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 and nine months ended September 30, 2023, we withheld 3 thousand and 168 thousand shares through net share settlements. For the three and nine month period ended September 30, 2023, net share settlements cost $0.4 million and $10.4 million, respectively. 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 September 30, 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
July 2, 2023 - August 1, 2023
1
$
113.16
—
$
31,577
August 2, 2023 - September 1, 2023
1
$
117.85
—
$
31,577
September 2, 2023 - September 30, 2023
1
$
131.25
—
$
31,577
Three months ended September 30, 2023
3
$
123.09
—
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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