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Shareholders' Equity
12 Months Ended
Dec. 31, 2021
Shareholders' Equity [Abstract]  
Shareholders' Equity 12.SHAREHOLDERS’ EQUITYCommon Stock EquivalentsThe Company has outstanding stock options, time-based restricted stock units (“RSUs”), and performance-based restricted stock units (“PSUs”) which were considered in the Company’s diluted earnings per share calculation (see Note 16).Registration of Additional SharesThe Company filed a shelf registration statement on Form S-4 with the Securities and Exchange Commission registering 4.0 million shares of its Class A common stock in 2007. These shares may be issued in connection with acquisitions of wireless communication towers or antenna sites and related assets or companies that own wireless communication towers, antenna sites, or related assets. During the years ended December 31, 2021 and 2020, the Company did not issue any shares of Class A common stock under this registration statement. As of December 31, 2021, the Company had approximately 1.2 million shares of Class A common stock remaining under this registration statement. On February 26, 2021, the Company filed with the Securities and Exchange Commission an automatic shelf registration statement for well-known seasoned issuers on Form S-3ASR, which enables the Company to issue shares of its Class A common stock, preferred stock, debt securities, warrants, or depositary shares as well as units that include any of these securities. The Company will file a prospectus supplement containing the amount and type of securities each time it issues securities using its automatic shelf registration statement on Form S-3ASR. For the years ended December 31, 2021 and 2020, the Company did not issue any securities under this automatic shelf registration statement.On August 6, 2020, the Company filed a registration statement on Form S-8 with the Securities and Exchange Commission registering 3.4 million shares of the Company’s Class A common stock, consisting of 3.0 million shares of Common Stock issuable under the 2020 Performance and Equity Incentive Plan (the “2020 Plan”) and 400,000 shares of Common Stock subject to awards granted under the 2010 Performance and Equity Incentive Plan (the “2010 Plan”) that may become available for issuance or reissuance, as applicable, under the 2020 Plan if such awards are forfeited or are settled in cash or otherwise expire or terminate without the delivery of the shares (see Note 13). Stock RepurchasesThe Company’s Board of Directors authorizes the Company to purchase, from time to time, outstanding Class A common stock through open market repurchases in compliance with Rule 10b-18 under the Exchange Act, and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements, and other factors. Once authorized, the repurchase plan has no time deadline and will continue until otherwise modified or terminated by the Company’s Board of Directors at any time in its sole discretion. Shares repurchased are retired. On October 28, 2021, the Company’s Board of Directors authorized a new $1.0 billion stock repurchase plan, replacing the prior plan authorized on November 2, 2020, which had a remaining authorization of $125.1 million. As of the date of this filing, the Company had $586.4 million authorization remaining under the new plan.The following is a summary of the Company’s share repurchases: For the year ended December 31, 2021 2020 2019 Total number of shares purchased (in millions) (1) 1.9 3.1 2.0Average price paid per share (1) $ 309.79 $ 280.17 $ 231.87Total price paid (in millions) (1) $ 582.5 $ 856.0 $ 470.3Subsequent to December 31, 2021, the Company made the following share repurchases: Total number of shares purchased (in millions) (1) 1.0Average price paid per share (1) $ 334.40Total price paid (in millions) (1) $ 350.0(1)Amounts reflected are based on the trade date and differ from the Consolidated Statements of Cash Flows which reflects share repurchases based on the settlement date.DividendsAs a REIT, the Company is required to distribute annually at least 90% of its REIT taxable income after the utilization of any available NOLs (determined before the deduction for dividends paid and excluding any net capital gain). As of December 31, 2021, $654.7 million of the federal NOLs are attributes of the REIT. The Company may use these NOLs to offset its REIT taxable income, and thus any required distributions to shareholders may be reduced or eliminated until such time as the Company’s NOLs have been fully utilized. The amount of future distributions will be determined, from time to time, by the Board of Directors to balance the Company’s goal of increasing long-term shareholder value and retaining sufficient cash to implement the Company’s current capital allocation policy, which prioritizes investment in quality assets that meet the Company’s return criteria, and then stock repurchases when the Company believes its stock price is below its intrinsic value. The actual amount, timing and frequency of future dividends, will be at the sole discretion of the Board of Directors and will be declared based upon various factors, many of which are beyond the Company’s control.‎ As of December 31, 2021, the Company paid the following cash dividends: Payable to Shareholders of Record at the Close Cash Paid Aggregate Amount Date Declared of Business on Per Share Paid Date Paid February 19, 2021 March 10, 2021 $0.58 $63.4 million March 26, 2021April 26, 2021 May 20, 2021 $0.58 $63.4 million June 15, 2021August 1, 2021 August 26, 2021 $0.58 $63.6 million September 23, 2021November 1, 2021 November 18, 2021 $0.58 $63.1 million December 16, 2021 Dividends paid in 2021 and 2020 were ordinary taxable dividends.Subsequent to December 31, 2021, the Company declared the following cash dividends: Payable to Shareholders Cash to of Record at the Close be Paid Date Declared of Business on Per Share Date to be Paid February 27, 2022 March 10, 2022 $0.71 March 25, 2022