Stock Repurchase Program

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Stock Repurchase Program

9. Stock Repurchase Program

In February 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 in aggregate. 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. As of March 31, 2024, $0.2 million remained available for repurchase under this program.

As a condition of the Merger Agreement, 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 months ended March 31, 2024 and 2023 (unaudited) was as follows:

	Three Months Ended
(millions, except for share and per share data)	March 31, 2024		March 31, 2023
Total number of shares repurchased		—		285,700
Average price paid per share	$	—	$	36.53
Total value of common stock repurchased	$	—	$	10.4

The remaining authorized repurchase amount under the May 2022 and February 2023 stock repurchase programs as of March 31, 2024 (unaudited) was as follows:

(millions)	March 31, 2024
Total authorized repurchase amount	$	120.0
Total value of shares repurchased		59.8
Total remaining authorized repurchase amount	$	60.2