SHARE REPURCHASE

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

SHARE REPURCHASE

SHARE REPURCHASE

On May 12, 2021, the Company announced that its Board of Directors authorized a share repurchase program (the “program”) under which up to $85.0 million or 1.5 million shares of its outstanding common stock may be acquired in the open market over the next 24 months at the discretion of management. During the three months ended March 31, 2022, the Company repurchased 58.9 thousand shares of common stock for $1.5 million at an average price of $25.66 per share.

Total consideration paid to repurchase the shares was recorded in shareholders’ equity as treasury shares. Such consideration was funded with existing cash balances and an agreement to pay sellers over four equal quarterly installments beginning on June 15, 2021. The remaining one installment totaling $6.8 million was included in other current liabilities as of March 31, 2022.

	Three Months Ended March 31,
(in thousands, except per share data)		2022
Total number of shares purchased		58.9
Amount paid		$	1,511
Average price paid per share		$	25.66