Treasury Stock

9 Months Ended

Sep. 30, 2021

From time to time, our Board of Directors authorizes management to repurchase shares of our issued and outstanding common stock. On July 28, 2021, our Board approved a share repurchase program with an effective date of August 10, 2021 (the "August 2021 Program"). Pursuant to the August 2021 Program, we have been authorized to repurchase up to 400,000 shares of our common stock at predetermined prices until the earlier of the repurchase of all 400,000 shares or November 4, 2021. The August 2021 Program was completed in October 2021, upon repurchase by us of all 400,000 shares as authorized. On October 20, 2021, our Board approved a new share repurchase program with an effective date of November 9, 2021 (the "November 2021 Program"). Pursuant to the November 2021 Program, we have been authorized to repurchase up to 300,000 shares of our common stock at predetermined prices until the earlier of the repurchase of all 300,000 shares or February 17, 2022. We may utilize various methods to effect the repurchases, which may include open market repurchases, negotiated block transactions, accelerated share repurchases or open market solicitations for shares, some of which may be effected through Rule 10b5-1 plans. The timing and amount of future repurchases, if any, will depend upon several factors, including market and business conditions, and such repurchases may be discontinued at any time.

Repurchased shares of our common stock were as follows:


	Nine Months Ended September 30,
(In thousands)	2021		2020
Shares repurchased	859		263
Cost of shares repurchased	$	44,217	$	9,822

Repurchased shares are recorded as shares held in treasury at cost. We hold these shares for future use as management and the Board of Directors deem appropriate.