STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

STOCKHOLDERS' EQUITY

10. STOCKHOLDERS’ EQUITY

Capital Stock

The Company’s authorized capital stock consists of 400,000,000 shares of common stock, par value $0.00001 per share (the “Common Stock”), and 50,000,000 shares of preferred stock, par value $0.00001 per share.

Stock Repurchase Program

The following table summarizes share repurchase activity for the periods presented:

	Three Months Ended March 31,
(Dollars in thousands)	2023			2022
Amount available for repurchase — beginning of period	$	279,138		$	230,413
Amount repurchased		(3,568	)		(58,029	)
Amount available for repurchase — end of period	$	275,570		$	172,384

The Company repurchased 109,325 and 1,948,187 shares under the share repurchase program during the three months ended March 31, 2023 and 2022, respectively.

The Inflation Reduction Act was enacted on August 16, 2022 and includes an excise tax on the net repurchase of company stock. This act was effective as of January 1, 2023 and did not have a material impact on our financial statements for the quarter ended March 31, 2023. We will continue to assess the impact it may have on our financial results.