Stock Repurchase Program

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Stock Repurchase Program

Stock Repurchase Program

On December 14, 2022, the Company announced that its Board of Directors authorized the Company's fifth stock repurchase program to acquire up to 3,000,000 shares, or approximately 2.7% of the Company's then issued and outstanding common stock, commencing upon the completion of the Company’s fourth stock repurchase program. As of March 31, 2024, all shares were repurchased under this program.

On May 25, 2023, the Company announced that its Board of Directors authorized the Company's sixth stock repurchase program to acquire up to 2,000,000 shares, or approximately 1.9% of the Company's then issued and outstanding common stock. As of March 31, 2024, there were 1,005,325 shares remaining to be purchased under this program.

During the three months ended March 31, 2024 and 2023, the Company repurchased 101,516 shares at a cost of approximately $1.7 million, or $16.28 per share, and 2,378,434 shares at a cost of approximately $47.3 million, or $19.90 per share, respectively, under these programs. Repurchased shares are held as treasury stock and are available for general corporate purposes.