Treasury Stock

12 Months Ended

Dec. 31, 2022

From time to time, our Board of Directors authorizes management to repurchase shares of our issued and outstanding common stock. On February 10, 2022, our Board approved a share repurchase program with an effective date of February 22, 2022 (the "February 2022 Program"). Pursuant to the February 2022 Program, we were authorized to repurchase up to 300,000 shares of our common stock until the Program's expiration on May 5, 2022. Per the terms of the February 2022 Program, we could utilize various methods to effect the repurchases, including open market repurchases, negotiated block transactions, accelerated share repurchases or open market solicitations for shares, some or all of which could be effected through Rule 10b5-1 plans. As of May 2, 2022, we repurchased the full 300,000 shares under the February 2022 Program.

We also repurchase shares of our issued and outstanding common stock to satisfy the cost of stock option exercises and/or income tax withholding obligations relating to the stock-based compensation of our employees and directors.

Repurchased shares of our common stock were as follows:


	Year Ended December 31,
(In thousands)	2022		2021		2020
Open market shares repurchased	300		1,151		325
Stock-based compensation related shares repurchased	134		92		119
Total shares repurchased	434		1,243		444

Cost of open market shares repurchased	$	9,437	$	54,868	$	11,851
Cost of stock-based compensation related shares repurchased	3,598		4,796		5,827
Total cost of shares repurchased	$	13,035	$	59,664	$	17,678

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.