Stockholders' Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

During the years ended December 31, 2021, 2020 and 2019, we issued an aggregate of 1,179,032, 4,705,843 and 1,540,690 shares of common stock, respectively, in connection with the exercises of stock options, for net proceeds of approximately $16.6 million, $66.2 million and $16.5 million, respectively. For the years ended December 31, 2021, 2020 and 2019, we issued 299,958, 571,963 and 952,182 shares of common stock, respectively, upon vesting of certain RSUs and PSUs for which the RSU holders surrendered 94,795, 142,905 and 140,466 RSUs, respectively, to pay for minimum withholding taxes totaling approximately $8.2 million, $5.5 million and $7.0 million, respectively. Stock options and unvested restricted units totaling approximately 5.9 million, 6.7 million and 13.6 million shares of our common stock were outstanding as of December 31, 2021, 2020 and 2019, respectively.

Share Repurchases

In November 2019, the Board of Directors authorized a capital return program to repurchase up to $550.0 million of outstanding common stock over a three-year period. During 2020, we repurchased 6.5 million shares of common stock for $150.0 million at an average price of $23.05. During 2021, we repurchased 4.6 million shares of common stock for $200.0 million at an average price of $43.02 under the program. The shares were purchased through open market transactions and through an ASR agreement. The $550.0 million share repurchase program was completed in October 2021 having repurchased a total of 22.3 million shares at an average price of $24.72.

In December 2021, the Board of Directors authorized a second capital return program to repurchase up to $750.0 million of outstanding stock over a three-year period. Also in December 2021, as part of the second capital return program, we entered into an ASR agreement to repurchase $150.0 million of common stock. At inception pursuant to the agreement, we paid $150.0 million to Bank of America and took initial delivery of 3.5 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 Purchased	Weighted Average Price paid Per Share	Total Cost(1)
First quarter(2)	1,775,945	$42.89	$76,179
Second quarter	1,037,547	$47.05	$48,842
Third quarter	1,562,613	$41.40	$64,717
Fourth quarter	273,210	$37.75	$10,320
	4,649,315	$43.02	$200,058
Accelerated share repurchase(3)	3,462,204		$150,000

(1) Included in the total cost of shares purchased is a commission fee of $0.02 per share.

(2) This includes the 0.5 million shares delivered in April upon completion of the ASR.

(3) Purchased under the share repurchase program authorized in December 2021 through an ASR agreement to repurchase $150.0 million of common stock. In December 2021 we took initial delivery of 3.5 million shares. The final shares will be delivered on or before June 14, 2022.