REPURCHASES OF COMMON STOCK

12 Months Ended

Dec. 31, 2024

As of December 31, 2024, our Board of Directors has authorized the repurchase of up to 78.0 million shares of our common stock in the open market or in negotiated transactions pursuant to the Company’s share repurchase program, inclusive of an additional 5.0 million shares approved on December 3, 2024. 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, 2024, there were approximately 6.1 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 statutory withholding taxes due on the vesting of restricted stock units and the settlement of deferred stock units (“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, 2024, 2023, and 2022, 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. This excise tax 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,
	2024		2023		2022

Shares repurchased in the open market	1,741		155		1,963
Shares acquired through employee surrenders for statutory tax withholding	19		20		21
Total shares repurchased	1,760		175		1,984

Cost of shares repurchased in the open market	$	848,901	$	72,639	$	810,942
Cost of shares for employee surrenders	10,531		9,974		10,606
Total cost of shares	$	859,432	$	82,613	$	821,548

Average cost per share - open market repurchases	$	487.66	$	468.84	$	413.12
Average cost per share - employee surrenders	$	556.90	$	503.28	$	501.89
Average cost per share - total	$	488.40	$	472.74	$	414.06