Treasury Stock

3 Months Ended

Mar. 31, 2024

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 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 March 31, 2024, we had 805,244 shares available for repurchase under the October 2023 Program. Per the terms of the October 2023 Program, we may 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.

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:


	Three Months Ended March 31,
(In thousands)	2024		2023
Open market shares repurchased	95		—
Stock-based compensation related shares repurchased	45		53
Total shares repurchased	140		53

Cost of open market shares repurchased	$	843	$	—
Cost of stock-based compensation related shares repurchased	387		812
Total cost of shares repurchased	$	1,230	$	812

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.