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Stockholders' Equity
9 Months Ended
Sep. 30, 2021
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
During the nine months ended September 30, 2021 and 2020, we issued an aggregate of 931,749 and 3,952,311 shares of common stock, respectively, in connection with the exercises of stock options at a weighted average exercise price of $13.81 and $13.54 per share, respectively, for net proceeds of approximately $12.9 million and $53.5 million, respectively. For the nine months ended September 30, 2021 and 2020, we issued 297,696 and 569,701 shares of common stock, respectively, upon vesting of certain RSUs and PSUs for which 94,795 and 142,905 RSUs were withheld from the RSU holders, respectively, to pay for minimum withholding taxes totaling approximately $8.2 million and $5.4 million, respectively. Stock options and unvested restricted units totaling approximately 6.3 million shares and 6.7 million shares of our common stock were outstanding as of September 30, 2021 and December 31, 2020, respectively.
Share Repurchases
In November 2019, we announced that the Board of Directors has authorized the initiation of a capital return program to repurchase up to $550.0 million of outstanding common stock over a three-year period. We may utilize a variety of methods including open market purchases, privately negotiated transactions, accelerated share repurchase programs or any combination of such methods. The Board will regularly review this capital return program in connection with a balanced capital allocation strategy. During 2019, we repurchased approximately 11.1 million shares of common stock for $200.0 million at an average price of $18.03.
During 2020, we repurchased 6.5 million shares of common stock for $150.0 million at an average price of $23.05. The shares were purchased through open market transactions and through an Accelerated Share Repurchase (ASR) agreement with Bank of America in December 2020, for which we repurchased $21.7 million of common stock and received 0.5 million shares.
In February 2021, we entered into an ASR agreement with Bank of America to repurchase $75.0 million of common stock. At inception, pursuant to the agreement, we paid $75.0 million to Bank of America and took an initial delivery of 1.3 million shares. In April 2021, we finalized the transaction and received an additional 0.5 million shares. We retired the repurchased shares and they resumed the status of authorized and unissued shares.
We had the following activity under the approved share repurchase programs (dollars in thousands, except share and per share data):
2021
Total Number of Shares PurchasedWeighted-Average Price paid Per Share
Total Cost(1)
First quarter (2)
1,775,945 $42.89 $76,179 
Second quarter1,037,547 47.05 48,842 
Third quarter1,562,613 41.40 64,717 
4,376,105 $43.35 $189,738 
(1) Included in the total cost of shares purchased is a commission fee of $0.02 per share.
(2) This includes 0.5 million shares delivered in April upon completion of the ASR.