Stock Repurchase Program

9 Months Ended

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

As a condition of the Merger Agreement (As defined in Note 14. Subsequent Events), beginning on October 4, 2023, the Company is restricted from repurchasing its common stock.

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


	Three Months Ended				Nine Months Ended
(millions, except for share and per share data)	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Total number of shares repurchased		—		667,300		285,700		843,800
Average price paid per share	$	—	$	33.08	$	36.53	$	32.77
Total value of common stock repurchased	$	—	$	22.0	$	10.4	$	27.6

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


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