Stock Repurchase Program

6 Months Ended

Jun. 30, 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 six months ended June 30, 2023, 285,700 shares were repurchased at an average price of $36.53 per share under this program. As of June 30, 2023, $0.2 million remained available for repurchase under this program.

Stock repurchase activity under the May 2022 stock repurchase program during the six months ended June 30, 2023 and 2022 (unaudited) was as follows:


(millions, except for share and per share data)	June 30, 2023		June 30, 2022
Total number of shares repurchased		285,700		176,500
Average price paid per share	$	36.53	$	31.51
Total value of common stock repurchased	$	10.4	$	5.6

No stock repurchases were made during the three months ended June 30, 2023 or the three months ended March 31, 2022.

The Company recorded $0.1 million in additional paid-in capital within the Condensed Consolidated Balance Sheets during the six months ended June 30, 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 June 30, 2023 (unaudited), was as follows:


(millions)	June 30, 2023
Total authorized repurchase amount	$	120.0
Total value of shares repurchased		59.8
Total remaining authorized repurchase amount	$	60.2