Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity

v3.23.2
Stockholders' Equity
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Stockholders' Equity Stockholders' Equity
Repurchase of Common Stock
On November 14, 2022, the Company announced that its Board of Directors authorized a $100.0 million share repurchase program that was completed on June 21, 2023 (the “Initial Program”). Pursuant to the Initial Program, the Company repurchased a total of 9.3 million shares of the Company’s common stock at an average price paid of $10.79 per share, including commissions paid and excise taxes.
On June 22, 2023, the Company announced that its Board of Directors authorized an additional share repurchase program for repurchase of up to an additional $25.0 million of the Company's common stock, par value $0.001 (the "2023 Program"). Through June 30, 2023, the Company repurchased 0.2 million shares of Common stock under the 2023 Program for $2.1 million, including commissions paid and excise taxes, at an average price paid of $11.29 per share. As of June 30, 2023, approximately $22.9 million remained available for future purchases under the 2023 Program.
The repurchased shares under both the Initial program and the 2023 Program are recorded as “Treasury stock” on the Company's condensed consolidated balance sheets.
The Initial Program authorized, and the 2023 Program authorizes, repurchases in the open market in accordance with the requirements of Rule 10b-18, in privately negotiated transactions or otherwise, including through Rule 10b5-1 trading plans, with the amount and timing of repurchases depending on stock price, trading volume, market conditions and other general business considerations. The Initial Program did not obligate the Company to acquire
any particular amount of common stock and could be extended, modified, suspended, or discontinued at any time at the Company's discretion. The 2023 Program has the same characteristics.