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Stockholders' Equity
 6 Months Ended
Jun. 30, 2022
Stockholders Equity Note [Abstract]  
Stockholders' Equity

(7) Stockholders’ Equity

A reconciliation of the number of shares of our outstanding common stock follows:

 

 

Six months ended June 30,

 

 

 

2022

 

 

2021

 

 

 

(In thousands)

 

Common stock, beginning of period

 

$

39,368

 

 

$

39,306

 

Shares issued for stock options exercised

 

 

-

 

 

 

10

 

Shares of common stock issued upon lapse of sales restrictions on

   restricted stock units (“RSUs”)

 

 

166

 

 

 

176

 

Common stock retired

 

 

(1,766

)

 

 

(48

)

Common stock, end of period

 

$

37,768

 

 

$

39,444

 

 

The above reconciliation excludes RSUs and performance-based stock units (“PSUs”), which do not have voting rights. As sales restrictions on RSUs lapse and PSUs are earned, we issue common shares with voting rights. As of June 30, 2022, we had a total of 291,399 RSUs and 74,054 PSUs outstanding. The PSU outstanding balance is based on the number of PSUs granted pursuant to the award agreements; however, the actual number of common shares issued could be higher or lower based on actual versus targeted performance. See Note 9 (Share-Based Transactions) for discussion of the PSU award structure.

On November 17, 2021 our Board of Directors authorized a share repurchase program for up to $275.0 million of our outstanding common stock for purchases through December 31, 2022 (the “Share Repurchase Program”). On February 14, 2022, our Board of Directors authorized an increase of $50.0 million to the Share Repurchase Program authorized on November 17, 2021. As revised, the program authorizes share repurchases for up to $325.0 million of our outstanding common stock through December 31, 2022. Under the Share Repurchase Program, we repurchased 1,852,614 shares of our common stock in the open market for an aggregate purchase price of $245.7 million through June 30, 2022. Approximately $79.3 million remains available for repurchases of our outstanding common stock under the Share Repurchase Program as of June 30, 2022.