Stock Repurchase Program

3 Months Ended

Mar. 31, 2023

9. Stock Repurchase Program

On February 14, 2023, 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. No shares have been repurchased under this program.

In May 2022, 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 months ended March 31, 2023, 285,700 shares were repurchased at an average price of $36.53 per share under this program. As of March 31, 2023, $0.2 million remained available for repurchase under this program.

Stock repurchase activity under the May 2022 stock repurchase program during the three months ended March 31, 2023 (unaudited) was as follows:


	Three Months Ended
(millions, except for share and per share data)	March 31, 2023		March 31, 2022
Total number of shares repurchased		285,700		—
Average price paid per share	$	36.53	$	—
Total value of common stock repurchased	$	10.4	$	—

The Company recorded $0.1 million in additional paid-in capital within the Condensed Consolidated Balance Sheets during the three months ended March 31, 2023, related to the excise tax on net repurchases of common stock that was a provision of the Inflation Reduction Act of 2022.

The remaining authorized repurchase amount under the May 2022 and February 2023 stock repurchase programs as of March 31, 2023 (unaudited), was as follows:


(millions)	March 31, 2023
Total authorized repurchase amount	$	120.0
Total value of shares repurchased		59.8
Total remaining authorized repurchase amount	$	60.2