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Stockholders' Equity | 6 Months Ended
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Jun. 30, 2023
Equity [Abstract] |
Stockholders' Equity | Stockholders’ Equity Stock Repurchase Program On March 1, 2022, our board of directors approved a stock repurchase program authorizing us to repurchase up to $150.0 million of our common stock, with no fixed expiration. Stock repurchases under this program may be made through any manner, including open market transactions, accelerated stock repurchase agreements, or privately negotiated transactions with third parties, and in such amounts as management deems appropriate. Open market repurchases will be structured to occur in accordance with applicable federal securities laws, including within the pricing and volume requirements of Rule 10b-18 under the Securities Exchange Act of 1934, as amended. We may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of our shares of common stock under this authorization. This program does not obligate us to acquire any particular amount of common stock and may be modified, suspended or terminated at any time at the discretion of our board of directors. During the three months ended June 30, 2023, using Rule 10b5-1 plans, we repurchased a total of 378,363 shares of our common stock through open market purchases at an average per share price of $8.04 for a total repurchase of $3.0 million including broker commissions. During the six months ended June 30, 2023, we repurchased a total of 1,149,080 shares of our common stock through open market purchases at an average per share price of $8.54 for a total repurchase of $9.8 million including broker commissions. The repurchases were recorded as a reduction to stockholders' equity. Approximately $45.1 million remains available for future repurchases under the stock repurchase program as of June 30, 2023. The Inflation Reduction Act of 2022, enacted in August 2022, imposed a 1% non-deductible excise tax on net repurchases of shares by domestic corporations whose stock is traded on an established securities market. Consequently, this excise tax is applicable to our stock repurchase program beginning in 2023 and represents a cost of the repurchases of our common stock. We have not recognized excise tax liability as of June 30, 2023 because our stock issuances exceeded stock repurchases during the six months ended June 30, 2023.

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