Stockholders' Equity

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

The following table summarizes our common share repurchases and issuances.

 

	Three Months Ended   March 31,
(Shares and per share amounts in actuals)	2024		2023
Common stock repurchased under repurchase programs(1)	1,310,723		—
Average purchase price per share(2)	$	20.32	$	—
Shares repurchased related to employee stock-based compensation plans(3)	683,247		949,431
Average purchase price per share	$	19.91	$	15.55
Common shares issued(4)	1,925,920		2,523,744

(1) Common shares purchased under our share repurchase programs. The 2022 Share Repurchase Program expired on January 25, 2024. There was $623 million of capacity remaining under the 2024 Share Repurchase Program at March 31, 2024.

(2) Average purchase price per share includes purchase commission costs and excise taxes.

(3) Comprised of shares withheld from stock option exercises and the vesting of restricted stock, restricted stock units, and performance stock units for employees’ tax withholding obligations and shares tendered by employees to satisfy option exercise costs.

(4)  Common shares issued under our various compensation and benefit plans.

The closing price of our common stock on the NASDAQ Global Select Market on March 28, 2024 was $21.79.

Common Stock Dividends

In both March 2024 and March 2023, we paid a common stock dividend of $0.11 per common share.

Share Repurchases

On January 26, 2022, we announced a share repurchase program (the “2022 Share Repurchase Program”), which was effective upon announcement and expired on January 25, 2024, and permitted us to repurchase shares of our common stock from time to time up to an aggregate repurchase price not to exceed $1.25 billion. We did not repurchase shares of common stock under the 2022 Share Repurchase Program in the three months ended March 31, 2024 or 2023.

On January 24, 2024, we announced a new share repurchase program (the "2024 Share Repurchase Program"), which became effective on January 26, 2024 and expires on February 6, 2026, and permits us to repurchase shares of our common stock from time to time up to an aggregate repurchase price not to exceed $650 million. Under the 2024 Share Repurchase Program, we repurchased 1.3 million shares of common stock for $27 million in the three months ended March 31, 2024. We had $623 million of capacity remaining under the 2024 Share Repurchase Program at March 31, 2024.

Under the 2024 Share Repurchase Program, repurchases may occur from time to time and through a variety of methods, including open market repurchases, repurchases effected through Rule 10b5-1 trading plans, negotiated block purchases, accelerated share repurchase programs, tender offers, or other similar transactions. The timing and volume of any repurchases will be subject to market conditions, and there can be no guarantee that the Company will repurchase up to the limit of the 2024 Share Repurchase Program.

Share Repurchases under Rule 10b5-1 trading plans

During the three months ended March 31, 2024, we repurchased 1.3 million shares of our common stock at a total cost of $27 million under a Rule 10b5-1 trading plan authorized under our 2024 Share Repurchase Program. During the three months ended March 31, 2023, we did not repurchase shares of our common stock.