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Stock Repurchase Program
6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Stock Repurchase Program Stock Repurchase Program
The Companys stock repurchase programs assist in offsetting the impact of dilution from employee equity compensation and assist with capital allocation. Management is allowed discretion in the execution of the repurchase program based upon market conditions and consideration of capital allocation.
In June 2022, the Company announced that its Board of Directors approved a stock repurchase program authorizing the repurchase of up to 1,000,000 shares of the Company’s outstanding common stock. In 2022, the Company repurchased 306,375 shares of common stock for an aggregate purchase price of $1.6 million, which were recorded as part of treasury stock as of December 31, 2022.
During the three and six months ended June 30, 2023, the Company repurchased 658,938 shares and 693,625 shares of common stock, respectively, for an aggregate purchase price of $4.7 million and $4.9 million, respectively, which were retired and recorded as a reduction of additional paid-in capital. This stock repurchase program was completed in the second quarter of 2023.