Stockholders' Equity

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

During the three months ended March 31, 2022 and 2021, we issued an aggregate of 172,607 and 280,946 shares of common stock, respectively, in connection with the exercises of stock options at a weighted average exercise price of $17.21 and $13.24 per share, respectively, for net proceeds of approximately $3.0 million and $3.7 million, respectively. For the three months ended March 31, 2022 and 2021, we issued 216,886 and 282,774 shares of common stock, respectively, upon vesting of certain RSUs and PSUs for which 68,425 and 87,324 RSUs were withheld from the RSU holders, respectively, to pay for minimum withholding taxes totaling approximately $4.3 million and $7.8 million, respectively. Stock options and unvested restricted units totaling approximately 6.9 million shares and 5.9 million shares of our common stock were outstanding as of March 31, 2022 and December 31, 2021, 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. 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 continued to execute share repurchases during the three months ended March 31, 2022 under our ASR agreement.