STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

STOCKHOLDERS’ EQUITY

STOCKHOLDERS’ EQUITY

2017 Warrants — During the three months ended March 31, 2023 and 2022, warrant holders did not elect to exercise any warrants to purchase shares of common stock. As of March 31, 2023 and December 31, 2022, the remaining warrant holders are entitled to purchase 240,188 shares of common stock.

2015 Warrants — During the three months ended March 31, 2023 and 2022, warrant holders exercised an immaterial number of warrants to purchase shares of common stock. As of March 31, 2023 and December 31, 2022, the remaining warrant holders are entitled to purchase 15,219 and 15,231 shares of common stock, respectively.

Share Repurchase Program — On February 20, 2023, the Company’s Board of Directors approved a share repurchase program of up to an aggregate $250.0 million of common stock of the Company. Under the share repurchase program, repurchases may occur in any number of methods depending on timing, market conditions, regulatory requirements, and other corporate considerations. The share repurchase program has no specified expiration date.

On March 3, 2023, the Company purchased 2,475,166 shares of common stock under the share repurchase program for an average share price of $30.30, totaling $75.0 million, which repurchased shares became treasury stock. As of March 31, 2023, the Company is authorized to repurchase up to an aggregate $175.0 million of common stock of the Company.