Share Repurchase Program

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Share Repurchase Program

17. Share Repurchase Program

On November 1, 2016, the Company announced that its Board of Directors had approved a share repurchase program that authorizes the Company to purchase up to $100.0 million in the aggregate of the Company's common stock. The share repurchase program is intended to be implemented through purchases made from time to time using a variety of methods, which may include open market purchases, privately negotiated transactions, or block trades, or by any combination of these methods, in accordance with applicable insider trading and other securities laws and regulations.

The size, scope, and timing of any purchases will be based on business, market, and other conditions and factors, including price, regulatory, and contractual requirements or consents, and capital availability. The repurchase program does not obligate the Company to acquire any particular amount of common stock and the program may be suspended, modified, or discontinued at any time at the Company's discretion without prior notice. Shares of stock repurchased under the program will be held as treasury shares. The Company temporarily suspended purchases under the share repurchase plan in March 2020 in response to the COVID-19 pandemic.

There were no repurchases under the share repurchase program in either 2022 or 2021. For the year ended December 31, 2020, 3.1 million shares were repurchased for an aggregate purchase price of $18.1 million at an average price of $5.92 per share. As of December 31, 2022, approximately $44.0 million remains available under the share repurchase program.