Shareholders' equity

3 Months Ended

Mar. 31, 2022

Shareholders' equity

Stock-based compensation

During the three months ended March 31, 2022, the Company granted 981 restricted and performance stock units with an aggregate grant-date fair value of $109,177 and a weighted-average expected life of approximately 3.5 years and 130 stock-settled stock appreciation rights with an aggregate grant-date fair value of $4,573 and a weighted-average expected life of approximately 4.5 years.

As of March 31, 2022, the Company had $221,010 in total estimated but unrecognized stock-based compensation expense under the Company's equity compensation and employee stock purchase plans. The Company expects to recognize this expense over a weighted average remaining period of 1.5 years.

Share repurchases

The following table summarizes the Company's common stock repurchases during the three months ended March 31, 2022 and 2021:


	Three months ended March 31, 2022					Three months ended March 31, 2021
	Shares repurchased	Amount paid		Average paid per share		Shares repurchased	Amount paid		Average paid per share
Open market repurchases:	2,104	$	233,318	$	110.90	2,949	$	322,333	$	109.28

The Company repurchased 798 shares of its common stock for $87,994 at an average cost of $110.28 per share subsequent to March 31, 2022 through May 4, 2022.

Effective on December 17, 2021, the Company's Board of Directors (Board) increased the Company's existing authorization by $2,000,000. The Company is authorized to make purchases from time to time in the open market or in privately negotiated transactions, including without limitation, through accelerated share repurchase transactions, derivative transactions, tender offers, Rule 10b5-1 plans or any combination of the foregoing, depending upon market conditions and other considerations.

As of May 4, 2022, the Company had a total of $2,062,627 available under the current authorization for additional share repurchases. Although this share repurchase authorization does not have an expiration date, the Company remains subject to share repurchase limitations including under the terms of its current senior secured credit facilities.