Table:
| Period | Total Number of Shares Repurchased | Average Price Paid per Share | Total Number of Shares Purchased as part of a Publicly Announced Program | Maximum Dollar Value of shares that may yet be purchased under the Repurchase Program |
| --- | --- | --- | --- | --- |
| October 1, 2019 through October 31, 2019 | - | - | - - | $12,544,543 |
| November 1, 2019 through November 30, 2019 | 274,681 | $4.82 | 191,354 | $11,620,641 |
| December 1, 2019 through December 31, 2019 | 374,490 | $4.70 | 374,490 | $9,859,153 |
| Total shares repurchased | 649,171 | $4.75 | 565,844 | $9,859,153 |
Paragraphs:
Net Settlement of Equity Awards
The majority of restricted stock units are subject to vesting. The underlying shares of common stock are issued when the restricted stock units vest. The majority of participants choose to participate in a broker-assisted automatic sales program to satisfy their applicable tax withholding requirements. We do not treat the shares sold pursuant to this automatic sales program as common stock repurchases.
In the fourth quarter of 2019, we withheld 83,327 shares through net settlements (where the award holder receives the net of the shares vested, after surrendering a portion of the shares back to the Company for tax withholding) for restricted stock units that vested for some of our executive officers.
The following table provides a summary of the Company’s repurchase of common stock under the Repurchase Program and shares surrendered back to the Company for tax withholding on restricted stock units that vested under our equity incentive programs in the three months ended December 31, 2019:
Question:
When are the underlying shares of common stock issued?
Answer: when the restricted stock units vest.