Common stock buyback program and stock options and award plan:

6 Months Ended

Jun. 30, 2023

Common stock buyback program and stock options and award plan:

Common stock buyback program and stock options and award plan.:

6.  Common stock buyback program and stock options and award plan:

The Company’s Board of Directors has approved purchases of shares of the Company’s common stock under a buyback program (the “Buyback Program”) through December 31, 2023. As of June 30, 2023, there was $30.4 million remaining for purchases under the Buyback Program. There were no purchases of common stock in the three months or the six months ended June 30, 2023 and 2022.

During the three months ended March 31, 2023, the Company granted 258,762 shares of restricted stock primarily to its executive employees valued at $16.0 million that primarily vest over periods ending in December 2026. The vesting of 104,850 of these shares is subject to certain performance conditions. Of the total performance shares granted, the vesting of up to 29,334 performance shares granted to the Company’s CEO is subject to the total shareholder return of the Company’s common stock compared to the total shareholder return of the Nasdaq Telecommunications Index. In connection with the Transaction, the Company granted 308,782 shares of restricted stock to former employees of the Wireline Business and to its employees valued at $19.5 million and that generally vest over a 2-3 year period.

In May 2023, the Company’s stockholders approved an increase of available shares for issuance under its 2017 Incentive Award Plan of 1.2 million shares.