Stockholders’ Equity

9 Months Ended

Sep. 30, 2022

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Shareholders’ Equity

Common Stock Repurchases

On May 6, 2020, Kemper’s Board of Directors authorized the repurchase of up to 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 September 30, 2022, the remaining share repurchase authorization was $171.6 million under the repurchase program.

During the nine months ended September 30, 2022 Kemper did not repurchase any shares of its common stock. During the nine months ended September 30, 2021, Kemper repurchased and retired approximately 2,085,000 shares of its common stock under its share repurchase authorization for an aggregate cost of $161.7 million and an average cost per share of $77.58.

During the three months ended September 30, 2022 Kemper did not repurchase any shares of its common stock. 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.

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.

Employee Stock Purchase Plan

During the nine months ended September 30, 2022 and 2021, the Company issued 79,000 and 54,000 shares under the Kemper Employee Stock Purchase Plan (“ESPP”), respectively, at an average discounted price of $40.54 and $61.74 per share. Compensation costs charged against income were $0.6 million and $0.6 million for the nine months ended September 30, 2022 and 2021, respectively.

Note 12 - Shareholders’ Equity (Continued)

During the three months ended September 30, 2022 and 2021, the Company issued 31,000 and 22,000 shares under the ESPP, respectively, at a discounted price of $35.07 and $56.77 per share. Compensation costs charged against income were $0.2 million and $0.2 million for the three months ended September 30, 2022 and 2021, respectively.