Item 1A. RISK FACTORS

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Item 1A. RISK FACTORS

There have been no material changes from the risk factors previously disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 as filed with the Securities and Exchange Commission on March 1, 2023.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities

In 2011, our Board of Directors approved a continuation of the current stock repurchase program, authorizing repurchases for a total of $150 million with no time limitation. This repurchase authority included, and was not in addition to, any unspent amounts remaining under the prior authorization.

The following table presents the number and average price of our outstanding Class A nonvoting common stock shares purchased during the quarter ending March 31, 2023:


(dollars in thousands, except per share data)
Period	Total number of shares purchased	Average price paid per share		Total number of shares purchased as part of publicly announced program	Dollar value of shares that may yet be purchased under the program

January 1-31, 2023 (1)	1,610	$	252.32	—	$	17,754
February 1-28, 2023	—	—		—	17,754
March 1-31, 2023 (2)	2,894	235.01		—	17,754
Total	4,504	241.20		—

*(1)*Represents shares purchased on the open market for stock-based awards in conjunction with our equity compensation plan.

*(2)*Represents shares purchased on the open market to fund the rabbi trust for both the outside director deferred stock compensation plan (1,581 shares at an average price of $237.68 per share) and the incentive compensation deferral plan (1,313 shares at an average price of $231.79 per share).

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