STOCKHOLDERS’ EQUITY

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

STOCKHOLDERS’ EQUITY

STOCKHOLDERS’ EQUITY

Stock Repurchase Program

On September 13, 2021, our Board of Directors authorized the repurchase of up to $25 million of our Common stock through December 31, 2024. On December 15, 2022, our Board of Directors authorized the repurchase of up to an additional $50 million of our common stock through December 31, 2024. These shares may be purchased from time-to-time in the open market at prevailing prices, in privately negotiated transactions or through block trades.

Repurchases pursuant to the program were as follows:

	Repurchases in 2023			Cumulative Repurchases as of March 31, 2023
	Shares	Average Price		Shares	Average Price
Stock repurchase program	9,433	$	11.56	3,412,222	$	14.16

All repurchased shares are included in Treasury stock on the Condensed Consolidated Balance Sheets. As of March 31, 2023 there was $63.4 million remaining available for future repurchases.

Disgorgement of Short-Swing Profit

During the quarter ended March 31, 2023, a significant shareholder bought and sold our Common stock within a time period that was in violation of the short-swing profit rules and, accordingly, profit from the transactions totaling $0.6 million was paid to us and recorded as Additional Paid in Capital on our Condensed Consolidated Balance Sheets.