Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Share Repurchases
In May 2024, our Board of Directors approved a $100.0 million share repurchase authorization. The authorization does not have any time limit.
The following table presents the share-repurchase activity for the quarter ended March 31, 2025:
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
January 1 - 31, 2025 195,000 $ 48.22 195,000 $ 61,564,334
February 1 - 28, 2025 261,732 $ 38.06 261,732 $ 51,601,877
March 1 - 31, 2025 262,861 $ 36.08 262,461 $ 42,131,321
Total 719,593 719,193 $ 42,131,321
(1) Shares withheld from employees' stock-based awards to satisfy required tax withholding obligations totaled 400 for the month of March 2025. There were no shares withheld during the months of January and February 2025.
Subsequent to March 31, 2025, our Board of Directors approved a new $200.0 million share repurchase authorization increasing the current remaining availability. The authorization does not have any time limit.
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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