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STOCKHOLDERS' EQUITY
3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS’ EQUITY
Capital Stock
The Company’s authorized capital stock consists of 400,000,000 shares of common stock, par value $0.00001 per share (the “Common Stock”), and 50,000,000 shares of preferred stock, par value $0.00001 per share.
Stock Repurchase Program
On December 15, 2023 the Board of Directors authorized a renewal of the Company's then-existing stock repurchase program which permits the repurchase up to $500 million of the Company’s common stock through December 31, 2025. Repurchases under the program may occur from time to time through open market purchases, privately negotiated transactions or other transactions.

On March 5, 2024, using the availability under our stock repurchase program, we entered into an ASR agreement and paid $50.0 million to receive an initial delivery of 705,343 shares of our common stock in accordance with the ASR agreement with a third-party financial institution. The final settlement of the ASR is expected to occur no later than the third quarter of 2024, at which time, a volume-weighted average price calculation over the term of the ASR agreement will be used to determine the final number of shares to be delivered. We accounted for the ASR as a common stock repurchase and a forward contract indexed to our own common stock. We determined that the equity classification criteria was met for the forward contract; therefore, it was not accounted for as a derivative instrument.
The following table summarizes share repurchase activity for the periods presented:
Three Months Ended March 31,
(Dollars in thousands)20242023
Amount available for repurchase — beginning of period$494,489 $279,138 
Amount repurchased(1)
(91,649)(3,568)
Amount available for repurchase — end of period$402,840 $275,570 
(1) This amount includes $50.0 million of accelerated share repurchase.
We repurchased a total of 1,491,485 and 109,325 shares during the three months ended March 31, 2024 and 2023.
The Inflation Reduction Act was enacted on August 16, 2022 and includes a one percent excise tax on the net repurchase of company stock. This act was effective as of January 1, 2023 and did not have a material impact on our financial statements for the three months ended March 31, 2024. We will continue to assess the impact it may have on our financial results.