REPURCHASES OF COMMON STOCK

12 Months Ended

Dec. 31, 2023

As of December 31, 2023, 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 and deployment activities, as well as share price and prevailing interest rates. As of December 31, 2023, there are approximately 2.9 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, 2023, 2022, and 2021, was not material.

The Inflation Reduction Act of 2022, which was enacted into law on August 16, 2022, imposed a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022, and is included in the cost of treasury stock acquired in repurchases in the open market for the current year.

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,
	2023		2022		2021

Shares repurchased in the open market	155		1,963		1,283
Shares acquired through employee surrenders for statutory tax withholding	20		21		29
Total shares repurchased	175		1,984		1,312

Cost of shares repurchased in the open market	$	72,639	$	810,942	$	755,545
Cost of shares for employee surrenders	9,974		10,606		15,562
Total cost of shares	$	82,613	$	821,548	$	771,107

Average cost per share - open market repurchases	$	468.84	$	413.12	$	588.58
Average cost per share - employee surrenders	$	503.28	$	501.89	$	548.08
Average cost per share - total	$	472.74	$	414.06	$	587.70