Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Share Repurchases
In April 2025 , our Board of Directors approved a $200.0 million share repurchase authorization. The authorization does not have any time limit.
The following table presents the share-repurchase activity for the quarter ended December 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
October 1 - 31, 2025 119,864 $ 42.40 119,864 $ 191,382,205
November 1 - 30, 2025 153,346 $ 40.28 153,346 $ 185,205,748
December 1 - 31, 2025 150,989 $ 40.73 150,562 $ 179,073,051
Total 424,199 423,772 $ 179,073,051
(1) Shares withheld from employees' stock-based awards to satisfy required tax withholding obligations totaled 427 for the month of December 2025. There were no shares withheld during the months of October and November 2025.
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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