Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Share Repurchases
In August 2021, our Board of Directors authorized a $100 million share repurchase program. The authorization does not have any time limit.
The following table presents the share-repurchase activity for the quarter ended September 30, 2023 (in thousands except share and per share data):
Period Total number of shares purchased (1)
Average price paid per share Total number of shares purchased as part of the publicly announced plan or program Approximate dollar value of shares that may yet be purchased under the plan or program
July 1 - 31, 2023 — — — $ 66,157,077
August 1 - 31, 2023 50,305 $ 31.52 — $ 66,157,077
September 1 - 30, 2023 — — — $ 66,157,077
Total 50,305 —
(1) Includes 50,305 shares withheld from employees' stock-based awards to satisfy required tax withholding obligations for the month of August 2023. There were no shares withheld during the months of July and September 2023.
Dividends
We have never declared or paid a cash dividend. Under the terms of our credit facility, the payment of cash dividends is restricted.
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