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 December 2021, the Company’s Board of Directors authorized a sixth share repurchase program whereby the Company may repurchase up to an additional $15.0 million of the Company’s common stock in the open market or in privately negotiated transactions. The amount and timing of purchases under the share repurchase program authorized in December 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. The December 2021 share repurchase program took effect in January 2022, upon the completion of the May 2021 share repurchase program, and expires on December 31, 2022.
During the three months ended March 31, 2022, the Company repurchased 292,570 shares of common stock at a total cost of $9.4 million for an average price of $32.26 per share. As of March 31, 2022, a total of $6.6 million was available for future repurchases under the current share repurchase program, and a cumulative total of 4,361,057 shares of common stock had been repurchased under programs authorized by the Company’s Board of Directors at a total cost of $83.4 million for an average price of $19.13 per share.
The following table sets out information regarding purchases of equity securities by the Company for the three months ended March 31, 2022.
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)
Jan 1-31, 2022
57,895
$
33.17
57,895
$
14.1
Feb 1-28, 2022
81,170
33.53
81,170
11.4
March 1-31, 2022
153,505
31.24
153,505
6.6
Total
292,570
$
32.26
292,570
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.