Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities.
2(a): Unregistered Sales of Equity Securities and Use of Proceeds
None.
2(b): Use of Proceeds from Registered Securities
None.
2(c): Purchases of Equity Securities
In February 2019, our Board of Directors approved a stock repurchase program allowing us to repurchase up to $300 million of our common stock over a two-year period, ending in February 2021. Stock repurchases may be made through open market purchases, including through Rule 10b5-1 trading programs, in privately negotiated transactions, or in such other manner that would comply with applicable securities laws. The timing of stock repurchases and the number of shares to be repurchased will depend upon prevailing market conditions and other factors, and we may suspend the repurchase program at any time. In addition, our credit facility and term loan amendments impose restrictions surrounding our ability to repurchase stock until certain financial ratio metrics are achieved.
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During the six months ended June 30, 2020, repurchases made pursuant to our repurchase program were as follows:
Record Date
Total number of
shares
purchased (1)
Weighted average
price paid
per share (2)
Total number of
shares purchased
as part of publicly
announced plans
or programs
Maximum number
(or approximate
dollar value) of
common shares
that may yet be
purchased under
the plans or
programs
(in millions)
January 1, 2020 through January 31, 2020
9,248
$
22.99
—
$
300
February 1, 2020 through February 29, 2020
75,032
$
23.57
—
$
300
March 1, 2020 through March 31, 2020
4,557,446
$
14.48
4,550,882
$
234
April 1, 2020 through April 30, 2020
224
$
6.50
—
$
234
May 1, 2020 through May 31, 2020
2,027
$
8.64
—
$
234
June 1, 2020 through June 30, 2020
70
$
11.96
—
$
234
4,644,047
4,550,882
(1)
The number of shares purchased represents shares of common stock repurchased under the previously announced stock repurchase program as well as shares of common stock surrendered by certain of our employees to satisfy their federal and state tax obligations associated with the vesting of restricted common stock.
(2)
The weighted average price paid per share for shares of common stock surrendered by certain employees is based on the closing price of our common stock on the trading date immediately prior to the date of delivery of the shares. The weighted average price paid per share for shares repurchased excludes commissions paid.
Item 3. Defaults Upon Senior Securities.
Not applicable.
Item 4. Mine Safety Disclosures.
Not applicable.
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