Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
(c) Share Repurchases
ISSUER PURCHASES OF EQUITY SECURITIES
2023 Calendar Month Total
Number of
Shares
Purchased Average
Price
Paid
Per Share Total Number of Shares
Purchased as Part of
Publicly Announced
Plans or Programs Maximum Number of
Shares That May Yet be
Purchased Under the
Plans or Programs
April 11,395 $ 137.02 833,422 24,166,578
May - prior authorization 9,321 131.48 842,743 —
May - current authorization 13,816 132.32 13,816 24,986,184
June 21,351 130.48 35,167 24,964,833
Total 55,883 $ 132.43
In May 2023, the Board of Directors approved an authorization for the Company to repurchase up to 25 million of its common shares. This authorization, which does not have an expiration date, terminated the 24,157,257 shares that remained under the Board’s May 2022 authorization to repurchase 25 million shares.
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. During the second quarter 2023, 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 underleveraged capital.
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.