Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
This table provides information with respect to purchases by the Company of shares of its common stock during the quarter ended March 31, 2022:
Period Number of Shares Purchased (1)
Average Price Paid per Share (1)
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)
Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (2)
(in millions)
January 1, 2022 through January 31, 2022
44 $ 30.39 — $ 98.1
February 1, 2022 through February 28, 2022
6,288 $ 29.52 — $ 98.1
March 1, 2022 through March 31, 2022
9,309 $ 30.60 — $ 98.1
Total 15,641 —
(1) These columns include the following transactions during the three months ended March 31, 2022: (i) the surrender to the Company of 6,242 shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock issued to employees, and (ii) the purchase of 9,399 shares of common stock by the Trustee for assets held in a non-qualified employee profit sharing plan trust.
(2) In September 2021, our Board of Directors authorized a new share repurchase program effective September 9, 2021 through December 31, 2022. The new share repurchase program authorizes the Company to repurchase up to $250.0 million of its common stock. In December 2021, we entered into an ASR to repurchase $125.0 million of our common stock. Approximately 3,311,258 shares repurchased as part of the ASR were delivered to us in January 2022, representing approximately 80% of the total notional value of the ASR. The final number of shares to be repurchased will be based on Trinity's volume-weighted average stock price, less a discount, during the term of the ASR, which is expected to be completed during the third quarter of 2022. There were no shares repurchased under the share repurchase program during the three months ended March 31, 2022. As of March 31, 2022, the Company had a remaining authorization to repurchase up to $98.1 million of its common stock under the share repurchase program. Approximately $73.1 million of the share repurchase program will remain after the completion of the ASR. The approximate dollar value of shares that were eligible to be repurchased under our share repurchase program is shown as of the end of such month or quarter.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
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