Stock Repurchase Program

9 Months Ended

Sep. 30, 2022

9. Stock Repurchase Program

In May 2022, the Company’s Board of Directors (the “Board”) authorized the Company to repurchase, on the open market, shares of the Company’s outstanding common stock in an amount not to exceed $60.0 million in aggregate. During the three and nine months ended September 30, 2022, 667,300 and 843,800 shares, respectively, were repurchased at an average price of $33.08 and $32.77 per share, respectively, under this program, of which $26.9 million was paid in cash as of September 30, 2022.

As of September 30, 2022, $32.4 million remained available for repurchase under the May 2022 stock repurchase program. Under the program, repurchases of the Company's common stock may be made in open market transactions effected through a broker-dealer at prevailing market prices, in block trades or by other means in accordance with Rules 10b-18, to the extent relied upon, and 10b5-1 under the Exchange Act, at times and prices considered to be appropriate at the Company's discretion. The stock repurchase program does not obligate the Company to repurchase any particular amount of common stock, have no fixed termination date, and may be suspended at any time at the Company's discretion.

Stock repurchase activity under the May 2022 stock repurchase program during the three and nine months ended September 30, 2022 (unaudited) was as follows:


	Three Months Ended				Nine Months Ended
(millions, except for share and per share data)	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Total number of shares repurchased		667,300		—		843,800		—
Average price paid per share	$	33.08	$	—	$	32.77	$	—
Total value of common stock repurchased	$	22.0	$	—	$	27.6	$	—

The remaining authorized repurchase amounts in the aggregate under the May 2022 stock repurchase program as of September 30, 2022 (unaudited) was as follows:


(millions)	September 30, 2022
Total authorized repurchase amount	$	60.0
Total value of shares repurchased		27.6
Total remaining authorized repurchase amount	$	32.4