Capital Structure

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Capital Structure

Capital Structure

Common Stock

The Company has one class of common stock outstanding.

The Company purchased shares of common stock from employees in connection with withholding tax payments related to the vesting of restricted stock units and performance-based restricted stock units, as below:

	Shares repurchased	Total consideration		Weighted average purchase price per share (1)
Twelve months ended December 31, 2021	31,309	$	2,752	$	87.90
Twelve months ended December 31, 2020	28,052	$	2,131	$	75.96
Twelve months ended December 31, 2019	23,859	$	1,490	$	62.47

On December 16, 2019, the Company’s Board of Directors authorized a $200,000 common stock repurchase program beginning January 1, 2020 through December 31, 2022 (the “2019 Repurchase Program”).

On October 5, 2021, the Company’s Board of Directors authorized a $300,000 common stock repurchase program beginning January 1, 2022 (the “2022 Repurchase Program”), and terminated the 2019 Repurchase Program on December 31, 2021.

Under the 2022 Repurchase Program and 2019 Repurchase Program, shares may be purchased by the Company from time to time from the open market and through private transactions, or otherwise, as determined by the Company’s management as market conditions warrant. Repurchases may be discontinued at any time by the management.

The Company purchased shares of its common stock, including commissions, under repurchase programs, as below:

	Shares repurchased	Total consideration		Weighted average purchase price per share (1)
Twelve months ended December 31, 2021	1,087,325	$	115,605	$	106.32
Twelve months ended December 31, 2020	1,085,153	$	77,818	$	71.71
Twelve months ended December 31, 2019	643,486	$	39,874	$	61.96

(1) The weighted average purchase price per share was the closing price of the Company's share of common stock on the Nasdaq Global Select Market on the trading day prior to the vesting date of the shares of restricted stock.

Repurchased shares have been recorded as treasury shares and will be held until the Company’s Board of Directors designates that these shares be retired or used for other purposes.

In connection with the settlement of the Notes, the Company issued to the Purchaser 310,394 shares of the Company's common stock. This common stock was issued from the Company’s existing treasury shares. The excess of issuance price of the Company’s treasury stock over its weighted average cost was recognized in additional paid-in-capital.

Dividends

The Company has not paid or declared any cash dividends on its common stock during the years ended December 31, 2021, 2020 and 2019. The Company’s line of credit with a bank could restrict, the Company’s ability to declare or make any dividends or similar distributions.