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Stock-based Compensation Expense and Share Repurchase Programs
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 2021 and 2020, the Company recognized the following stock-based compensation expense:
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
(in thousands)
Stock-based compensation expense by type of award:
Restricted stock units (including PSUs) and restricted stock$88,847 $98,419 $189,673 $195,568 
Stock options11,109 16,847 21,705 34,113 
ESPP share issuances5,959 2,855 11,574 5,340 
Stock-based compensation expense related to inventories
(1,293)(932)(3,156)(2,126)
Total stock-based compensation expense included in costs and expenses
$104,622 $117,189 $219,796 $232,895 
Stock-based compensation expense by line item:
Cost of sales
$1,540 $1,387 $2,971 $2,748 
Research and development expenses
62,615 70,275 135,417 142,962 
Selling, general and administrative expenses
40,467 45,527 81,408 87,185 
Total stock-based compensation expense included in costs and expenses
104,622 117,189 219,796 232,895 
Income tax effect
(20,856)(31,151)(52,107)(95,397)
Total stock-based compensation expense, net of tax
$83,766 $86,038 $167,689 $137,498 
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 six months ended June 30, 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 share repurchase program (the “2020 Share Repurchase Program”), pursuant to which the Company repurchased $500.0 million of its common stock in 2020 and the first quarter of 2021. 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.
On June 23, 2021, the Company’s Board of Directors approved a new share repurchase program (the “2021 Share Repurchase Program”), pursuant to which the Company is authorized to repurchase up to $1.5 billion of its common stock by December 31, 2022. As of June 30, 2021, the full repurchase authorization remained available under this program.