Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
(c) Issuer purchases of equity securities.
In May 2021, the Company’s Board of Directors authorized a share repurchase program whereby the Company may repurchase up to an additional $15.0 million of the Company’s Class A common stock in the open market or in privately negotiated transactions. The amount and timing of purchases under the share repurchase program authorized in May 2021 will depend on a number of factors, including the price and availability of the Company’s shares, trading volume, capital availability, Company performance and general economic and market conditions. The program can be suspended or discontinued at any time and expires when $15 million shares of Class A common stock have been repurchased or on December 31, 2022.
During the three months ended June 30, 2021, the Company repurchased 288,130 shares of Class A common stock at a total cost of $8.3 million for an average price of $28.89 per share and $11.7 million was available for future repurchases under the current share repurchase program. As of June 30, 2021, a cumulative total of 3,757,662 shares of Class A common stock had been repurchased under programs authorized by the Company’s Board of Directors at a total cost of $63.3 million for an average price of $16.84 per share. The Board’s authorization does not obligate the Company to acquire any particular amount of Class A common stock, and may be modified, suspended or terminated at any time. The following table sets out information regarding purchases of equity securities by the Company for the three months ended June 30, 2021.
Total Number of Shares
Approximate Dollar Value
Total Number of
Average Price
of Class A Common
That May Yet Be Purchased
Shares of Class A
Paid Per Share
Stock Purchased as Part of
Under Outstanding
Common Stock
of Class A
Publicly Announced
Plans or Programs
Period
Purchased
Common Stock
Plans or Programs
(in millions)
April 1-30, 2021
132,070
$
27.76
132,070
$
1.4
May 1-31, 2021
84,840
29.06
84,840
13.9
June 1-30, 2021
71,220
30.77
71,220
11.7
Total
288,130
$
28.89
288,130
Item 3. Defaults Upon Senior Securities
None
Item 4. Mine Safety Disclosures
Not applicable
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.