Repurchases of Common Stock

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Repurchases of Common Stock

REPURCHASES OF COMMON STOCK

As of December 31, 2022, our Board of Directors has authorized the repurchase of up to 73.0 million shares of our common stock in the open market or in negotiated transactions pursuant to the Company’s share repurchase program. We believe that the repurchase of our common stock is a favorable means of returning value to our stockholders, and we also repurchase to offset the dilutive effect of our share-based compensation programs. Repurchases of our common stock may vary depending upon the level of other investing activities and the share price. As of December 31, 2022, there are approximately 3.0 million remaining shares available for repurchase under this authorization.

We primarily acquire shares by repurchases in the open market. However, we also acquire shares that are surrendered by employees in payment for the minimum required statutory withholding taxes due on the vesting of restricted stock units and the settlement of deferred stock units, otherwise referred to herein as employee surrenders. We issue shares of treasury stock upon the vesting of certain restricted stock units and upon the exercise of certain stock options. The number of shares of treasury stock issued during the years ended December 31, 2022, 2021, and 2020, was not material.

The following is a summary of our open market common stock repurchases, reported on a trade date basis, and shares acquired through employee surrenders:

(in thousands, except per share amounts)	For the Years Ended December 31,
	2022		2021		2020
Shares repurchased in the open market	1,963		1,283		721
Shares acquired through employee surrenders for statutory tax withholding	21		29		58
Total shares repurchased	1,984		1,312		779
Cost of shares repurchased in the open market	$	810,942	$	755,545	$	179,623
Cost of shares for employee surrenders	10,606		15,562		20,603
Total cost of shares	$	821,548	$	771,107	$	200,226
Average cost per share - open market repurchases	$	413.12	$	588.58	$	249.20
Average cost per share - employee surrenders	$	501.89	$	548.08	$	354.98
Average cost per share - total	$	414.06	$	587.70	$	257.08