Stockholders’ Equity

9 Months Ended

Sep. 30, 2021

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Shareholders’ Equity

Common Stock Repurchases

On May 6, 2020, Kemper’s Board of Directors authorized the repurchase of an additional $200.0 million of Kemper’s common stock, in addition to $133.3 million remaining under the August 6, 2014 authorization, bringing the remaining share repurchase authorization to approximately $333.3 million as of December 31, 2020. As of September 30, 2021, the remaining share repurchase authorization was $171.6 million under the repurchase program.

During the nine months ended September 30, 2021 and 2020, Kemper repurchased and retired approximately 2,085,000 and 1,617,000 shares, respectively, of its common stock under its share repurchase authorization for an aggregate cost of $161.7 million and $110.4 million and an average cost per share of $77.58 and $68.29, respectively.

During the three months ended September 30, 2021 Kemper repurchased and retired approximately 40,000 shares of its common stock under its share repurchase authorization for an aggregate cost of $3.0 million and an average cost per share of $74.79. Kemper did not repurchase any shares for the three months ended September 30, 2020.

These purchases were made in the open market in accordance with applicable federal securities laws, including Rule 10b-18 and Rule 10b5-1 of the Securities Exchange Act of 1934.

Note 10 - Shareholders’ Equity (continued)

Employee Stock Purchase Plan

During the nine months ended September 30, 2021 and 2020, the Company issued 54,000 and 44,000 shares under the Kemper Employee Stock Purchase Plan (“ESPP”), respectively, at an average discounted price of $61.74 and $60.17 per share. Compensation costs charged against income were $0.6 million and $0.5 million for the nine months ended September 30, 2021 and 2020, respectively.

During the three months ended September 30, 2021 and 2020, the Company issued 22,000 and 18,000 shares under the ESPP, respectively, at a discounted price of $56.77 and $56.81 per share. Compensation costs charged against income were $0.2 million and $0.2 million for the three months ended September 30, 2021 and 2020, respectively.