Capital Structure

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Capital Structure

Capital Structure

Common Stock

The Company has one class of common stock outstanding.

The Company purchased shares of its common stock from employees in connection with withholding tax payments related to the vesting of restricted stock units and performance-based restricted stock units, as below:

	Shares repurchased	Total consideration		Weighted average purchase price per share (1)
Three months ended June 30, 2023	—	$	—	$	—
Three months ended June 30, 2022	—	$	—	$	—
Six months ended June 30, 2023	38,356	$	6,529	$	170.22
Six months ended June 30, 2022	27,219	$	3,191	$	117.23

(1) The weighted average purchase price per share is based on the closing price of the Company’s common stock on the Nasdaq Global Select Market on the trading day prior to the applicable vesting date of the shares of restricted stock.

On October 5, 2021, the Company’s board of directors authorized a $300,000 common stock repurchase program beginning January 1, 2022 (the “2022 Repurchase Program”).

Under the 2022 Repurchase Program, shares may be purchased by the Company from time to time from the open market and through private transactions, or otherwise, as determined by the Company’s management as market conditions warrant. Repurchases may be discontinued at any time by the management.

The Company purchased shares of its common stock, for a total consideration including commissions, under the 2022 Repurchase Program, as below:

	Shares repurchased	Total consideration		Weighted average purchase price per share
Three months ended June 30, 2023	184,144	$	29,013	$	157.56
Three months ended June 30, 2022	205,716	$	28,806	$	140.03
Six months ended June 30, 2023	405,169	$	64,847	$	160.05
Six months ended June 30, 2022	427,049	$	57,000	$	133.47

Repurchased shares have been recorded as treasury shares and will be held until the Company’s board of directors designates that these shares be retired or used for other purposes.