Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
In November 2020, the Onto Innovation Board of Directors approved a new share repurchase authorization, which allows the Company to repurchase up to $100 million worth of shares of its common stock. Repurchases may be made through both public market and private transactions from time to time with shares purchased being subsequently retired. At March 27, 2021, there was $100 million available for future share repurchases under the share repurchase authorization. For further information, see Note 16, “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 months ended March 27, 2021, we withheld 41 thousand shares through net share settlements. For the three months ended March 27, 2021, net share settlements cost $2.5 million. Please refer to Note 10, “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 March 27, 2021 (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
December 27, 2020 - January 26, 2021
—
$
—
—
$
100,000
January 27, 2021 - February 26, 2021
34
$
59.73
—
$
100,000
February 27, 2021 - March 27, 2021
7
$
64.29
—
$
100,000
Three months ended March 27, 2021
41
$
60.41
—
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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