Treasury Stock

12 Months Ended

Dec. 31, 2023

From time to time, our Board of Directors authorizes management to repurchase shares of our issued and outstanding common stock. On October 26, 2023, our Board approved a new share repurchase program with an effective date of November 7, 2023 (the "October 2023 Program"). Pursuant to the October 2023 Program, we are authorized to repurchase up to 1,000,000 shares of our common stock. At December 31, 2023, we had 900,000 shares available for repurchase under the October 2023 Program. We may utilize various methods to effect the repurchases under the October 2023 Program, 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.

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)	2023		2022		2021
Open market shares repurchased	100		300		1,151
Stock-based compensation related shares repurchased	65		134		92
Total shares repurchased	165		434		1,243

Cost of open market shares repurchased	$	864	$	9,437	$	54,868
Cost of stock-based compensation related shares repurchased	915		3,598		4,796
Total cost of shares repurchased	$	1,779	$	13,035	$	59,664

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.