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Stock-based Compensation Expense and Share Repurchase Programs
 3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement [Abstract]  
Stock-based Compensation Expense and Share Repurchase Programs Stock-based Compensation Expense and Share Repurchase Programs
Stock-based compensation expense
During the three months ended March 31, 2021 and 2020, the Company recognized the following stock-based compensation expense:
Three Months Ended March 31,
20212020
(in thousands)
Stock-based compensation expense by type of award:
Restricted stock units (including PSUs) and restricted stock$100,826 $97,149 
Stock options10,596 17,266 
ESPP share issuances5,615 2,485 
Stock-based compensation expense related to inventories
(1,863)(1,194)
Total stock-based compensation expense included in costs and expenses
$115,174 $115,706 
Stock-based compensation expense by line item:
Cost of sales
$1,431 $1,361 
Research and development expenses
72,802 72,687 
Sales, general and administrative expenses
40,941 41,658 
Total stock-based compensation expense included in costs and expenses
115,174 115,706 
Income tax effect
(31,251)(64,246)
Total stock-based compensation expense, net of tax
$83,923 $51,460 
Share repurchase programs
In 2019, the Company’s Board of Directors approved a share repurchase program (the “2019 Share Repurchase Program”), pursuant to which the Company repurchased $500.0 million of its common stock in 2019 and 2020. During the three months ended March 31, 2020, the Company repurchased 1,403,868 shares of its common stock under the 2019 Share Repurchase Program for an aggregate of $300.0 million.
In November 2020, the Company’s Board of Directors approved a new share repurchase program (the “2020 Share Repurchase Program”), pursuant to which the Company was authorized to repurchase up to $500.0 million of its common stock by December 31, 2022. During the three months ended March 31, 2021, the Company repurchased 1,988,941 shares of its common stock under the 2020 Share Repurchase Program for an aggregate of $424.9 million. As of March 31, 2021, the Company had repurchased the entire $500.0 million it was authorized to repurchase of its common stock under the 2020 Share Repurchase Program.