Share Repurchase Programs |
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| Share Repurchase Programs |
16. SHARE REPURCHASE PROGRAMS
On July 25, 2022, our Board authorized the 2022 Repurchase Program, pursuant to which the Company may purchase up to $200 million of our common stock. Share repurchases may be executed through various means including open market purchases, privately negotiated transactions, accelerated share repurchase transactions, or other available means. The 2022 Repurchase Program does not obligate the Company to purchase any shares and has no expiration date. Authorization for the 2022 Repurchase Program may be terminated, increased, or decreased by the Board at its discretion at any time. As of December 31, 2022, the Company has $154.4 million remaining under the 2022 Share Repurchase Program.
On July 26, 2021, our Board authorized the 2021 Repurchase Program, pursuant to which the Company may purchase up to $200.0 million of our common stock. The company completed its 2021 Repurchase Program during 2022 for a total of 1,067,411 shares of our common stock at a weighted average cost of $187.37 per share.
On February 22, 2019, our Board authorized the 2019 Repurchase Program, pursuant to which the Company may purchase up to $200.0 million of our common stock. The company completed its 2019 Repurchase Program during 2022 for a total of 1,935,951 shares of our common stock at an average price of $103.31.
On May 5, 2022, the Company entered into the 2022 ASR Agreement under the 2021 Repurchase Program. We paid $100 million in exchange for an initial delivery of 409,312 shares of our common stock on May 9, 2022, representing an estimated 80% of the total number of shares we expected to receive under the 2022 ASR Agreement at the time we entered into the agreement. During the quarter ended September 30, 2022, we received an additional 142,351 shares of our common stock representing the final settlement of the 2022 ASR Agreement. We purchased a total of 551,663 shares of our common stock under the 2022 ASR Agreement at an average price per share of $181.27.
The following table sets forth our share repurchases under the Repurchase Program during the periods presented:
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