CASH PAID FOR COMMON STOCK PURCHASED AND RETIRED

3 Months Ended

Mar. 31, 2023

CASH PAID FOR COMMON STOCK PURCHASED AND RETIRED

CASH PAID FOR COMMON STOCK PURCHASED AND RETIRED

15. CASH PAID FOR COMMON STOCK PURCHASED AND RETIRED

The Company has a stock buyback program to repurchase up to 41,578,125 shares in the open market of which 7,115,820 shares remained available to be repurchased as of March 31, 2023. The program does not have a preset expiration date. Repurchases of shares of the company’s common stock may be made from time to time in the open market, by block purchases, in privately negotiated transactions or in such other manner as determined by the company. The timing of the repurchases and the actual amount repurchased will depend on a variety of factors, including the market price of the Company's shares, general market and economic conditions, and other factors. The stock repurchase program does not obligate the Company to acquire any particular amount of common stock, and it may be suspended or discontinued at any time. See Note 16 for a subsequent event relating to the stock buyback program.

Shares purchased for withholding taxes represent taxes due upon vesting of time-lapse restricted shares granted to employees. Total share repurchases for 2023 and 2022 year to date are detailed below:

	Three months ended						Three months ended
	March 31, 2023						March 31, 2022
	No. of shares			Avg. price		Total cost	No. of shares			Avg. price	Total cost
Shares purchased for withholding taxes		256,003	$	9.24	$	2,364,914		157,720	$	5.77	$	909,912
Open market purchases		1,132,364		7.93		8,983,973		—		—		—
Total		1,388,367	$	8.17	$	11,348,887		157,720	$	5.77	$	909,912