Item 2. Unregistered Sales of Equity Securities
Item 2 Unregistered Sales of Equity Securities and use of Proceeds
(a) Not applicable.
(b) Not applicable.
(c) On April 25, 2022, the Company announced that its Board of Directors approved an extension of a previously announced stock repurchase program, which was set to expire on April 29, 2022, until October 29, 2022. Under this program the Company was authorized to repurchase up to $2.0 million of its outstanding shares of common stock from time to time in the open market, based on prevailing market prices, or in privately negotiated transactions. On July 26, 2022, the Company announced that its Board of Directors amended the program to increase the authorized repurchase amount to $4.0 million and to further extend the program maturity to January 31, 2023. On January 27, 2023, the Company announced that its Board of Directors again extended the program, scheduled to expire on January 31, 2023, to July 31, 2023. The actual timing, number and value of shares repurchased under the stock repurchase program will depend on a number of factors, including constraints specified in any trading plan that may be adopted in accordance with Rule 10b5-1 of the SEC and limitations imposed on repurchases made pursuant to Rule 10b-18 under the Securities Exchange Act of 1934, price, general business and market conditions, and alternative investment opportunities.
The following table sets forth information with respect to our repurchases of our outstanding common shares during the three months ended March 31, 2023:
Total Number of Shares Purchased (1)
Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximated Dollar Value of Shares That May Yet be Purchased Under the Plans or Programs
January 1, 2023 - January 31, 2023 — $ — — $ 2,140,223
February 1, 2023 - February 28, 2023 4,750 $ 40.07 — 2,140,223
March 1, 2023 - March 31, 2023 204 $ 37.93 204 2,132,475
Total 4,954 $ 39.98 204 $ 2,132,475
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(1) Includes the surrender of shares of Company common stock that the participants already own as payment of the exercise price for stock options. Shares surrendered by participants in the equity incentive plans are repurchased pursuant to the terms of the plan and applicable award agreement and not pursuant to publicly announced share repurchase programs.
Item 3 Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
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