10 unchanged sentences
Plans or Programs
−Removed: April 3,486 $ 112.36 1,770,572 23,229,428
−Removed: May - prior authorization 2,529 109.01 1,773,101 —
−Removed: May - current authorization — — — 25,000,000
−Removed: June 1,169 117.42 1,169 24,998,831
+Added: July 166,617 $ 111.66 167,786 24,832,214
+Added: August 221,315 125.89 389,101 24,610,899
+Added: September 21,080 121.28 410,181 24,589,819
Total 409,012 $ 119.86
In May 2022, the Board of Directors approved an authorization for the Company to repurchase up to 25 million of its common shares.
−Removed: This authorization, which does not have an expiration date, terminated the 23,226,899 shares that remained under the Board’s May 2021 authorization to repurchase 25 million shares.
+Added: This authorization does not have an expiration date.
Share repurchases under this authorization may be accomplished through open market purchases, including trading plans entered into with one or more brokerage firms in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, through privately negotiated transactions, pursuant to our equity incentive awards, or otherwise.
−Removed: During the second quarter 2022, all repurchases were accomplished in conjunction with our equity incentive awards at the then-current market prices;
−Removed: there were no open market purchases during the quarter.
+Added: During the third quarter 2022, all repurchases were accomplished in conjunction with our equity incentive awards or through the open market at the then-current market prices.
Progressive’s financial policies state that we will repurchase shares to neutralize dilution from equity-based compensation in the year of issuance and as an option to effectively use under-leveraged capital.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.