STOCKHOLDERS’ EQUITY

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

STOCKHOLDERS’ EQUITY

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

On May 31, 2022, the Board of Directors authorized a new stock repurchase program which permits the Company to repurchase up to $500.0 million of the Company's Common Stock until December 31, 2023. The new stock repurchase program replaced the Company’s prior $250.0 million repurchase program, which had been scheduled to expire on June 30, 2024. Repurchases under the new program may occur from time to time through open market purchases, privately negotiated transactions or other transactions. The timing, manner, price and amount of any common stock repurchases will be determined by us in our discretion and will depend on a variety of factors, including prevailing market conditions, our liquidity, the terms of our debt instruments, legal requirements, planned land investment and development spending, acquisition and other investment opportunities and ongoing capital requirements. The program does not require us to repurchase any specific number of shares of common stock, and the program may be suspended, extended, modified or discontinued at any time.

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

	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in thousands)	2022		2021		2022		2021
Amount available for repurchase — beginning of period	$	172,384	$	48,413	$	230,413	$	86,831
Amount cancelled from expired or unused authorizations	(75,000)		—		(75,000)		—
Additional amount authorized for repurchase	500,000		250,000		500,000		250,000
Amount repurchased	(172,384)		(106,754)		(230,413)		(145,172)
Amount available for repurchase — end of period	$	425,000	$	191,659	$	425,000	$	191,659

The Company repurchased 6,779,498 and 8,727,685 shares under the share repurchase program during the three and six months ended June 30, 2022, respectively. The number of shares repurchased were 3,809,428 and 5,256,737 during the three and six months ended June 30, 2021, respectively.