Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Following the Merger, the Company assumed the share repurchase authorization previously approved by the former Nanometrics Board of Directors, that was announced on May 1, 2019. This share repurchase authorization allows for the Company to purchase up to $80.0 million worth of shares of its common stock. Under the terms of this share repurchase authorization, shares may be repurchased through open market or privately negotiated transactions with no specified end date. During the three and six months ended June 27, 2020, we repurchased 632 thousand and 1.9 million shares of common stock under this repurchase authorization. At June 27, 2020, there was $28.0 million available for future share repurchases. For further information, see Note 2, “Business Combinations” and Note 17, “Share Repurchase Authorization” in the accompanying Notes to the Condensed Consolidated Financial Statements.
In addition to our share repurchase program, we withhold shares of common stock 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 six months ended June 27, 2020, we withheld 55 thousand and 98 thousand shares through net share settlements. For the three and six months ended June 27, 2020, net share settlements cost $1.7 million and $3.3 million, respectively. Please refer to Note 11, “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 June 27, 2020 (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
Approximate Dollar Value of Shares that May Yet be Purchased Under the Program
March 29, 2020 - April 28, 2020
639
$
29.10
632
$
28,000
April 29, 2020 - May 28, 2020
—
—
—
$
28,000
May 29, 2020 - June 27, 2020
49
$
31.07
$
28,000
Three months ended June 27, 2020
688
$
29.24
632
$
28,000
1 Includes shares withheld through net share settlements.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
None.
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