SHAREHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2022

Stockholders' Equity Note [Abstract]

SHAREHOLDERS' EQUITY

SHAREHOLDERS’ EQUITY

Repurchase of Common Stock

At a meeting of the Board of Directors on October 26, 2021, the Company's Board of Directors approved the authorization to purchase up to $500.0 million of shares. During the three months ended March 31, 2022, the Company purchased 731,194 shares or $114.2 million of common stock. The Company did not repurchase and retire any common stock during the three months ended April 3, 2021.

As of March 31, 2022, there was approximately $320.0 million in common stock available for repurchase under the October 2019 program.

Share-Based Compensation

The Company recognized approximately $6.3 million and $3.3 million in share-based compensation expense for the three months ended March 31, 2022 and April 3, 2021, respectively. The total income tax benefit recognized in the Condensed Consolidated Statements of Income for share-based compensation expense was $1.5 million and $0.6 million for the three months ended March 31, 2022 and April 3, 2021, respectively. The Company recognizes compensation expense on grants of share-based compensation awards on a straight-line basis over the vesting period of each award.

During the three months ended March 31, 2022, the Company granted the following share-based incentive awards:

Award Type	Number of Awards	Weighted Average Grant-Date Fair Value
Options and SARs	135,816	$	42.21
Restricted Stock Units	76,962	$	151.36
Performance Share Units	40,763	$	174.91

See Note 9, Shareholders' Equity, to the audited consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended January 1, 2022, for further information regarding share-based compensation.