Stock Repurchase Program

9 Months Ended

Sep. 30, 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 September 30, 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 September 30, 2024, there were 741,725 shares remaining to be purchased under this program.

During the nine months ended September 30, 2024, the Company repurchased 365,116 shares at a cost of approximately $5.9 million, or $16.14 per share, under these programs. There were no repurchases during the three months ended September 30, 2024 under these programs. During the three and nine months ended September 30, 2023, the Company repurchased 518,539 shares at a cost of approximately $9.0 million, or $17.31 per share, and 4,104,073 shares at a cost of approximately $78.3 million, or $19.08 per share, respectively, under these programs. Repurchases have been paused to retain capital. Repurchased shares are held as treasury stock and are available for general corporate purposes.