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Stock-based Compensation Expense and Share Repurchase Programs
 9 Months Ended
Sep. 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 nine months ended September 30, 2021 and 2020, the Company recognized the following stock-based compensation expense:
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
(in thousands)
Stock-based compensation expense by type of award:
Restricted stock units (including PSUs) and restricted stock$89,458 $84,043 $279,131 $279,611 
Stock options7,875 13,221 29,580 47,334 
ESPP share issuances6,321 3,225 17,895 8,565 
Stock-based compensation expense related to inventories
(658)(950)(3,814)(3,076)
Total stock-based compensation expense included in costs and expenses
$102,996 $99,539 $322,792 $332,434 
Stock-based compensation expense by line item:
Cost of sales$1,599 $1,250 $4,570 $3,998 
Research and development expenses60,995 60,770 196,412 203,732 
Selling, general and administrative expenses40,402 37,519 121,810 124,704 
Total stock-based compensation expense included in costs and expenses
102,996 99,539 322,792 332,434 
Income tax effect
(21,556)(35,295)(73,663)(130,692)
Total stock-based compensation expense, net of tax
$81,440 $64,244 $249,129 $201,742 
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 nine months ended September 30, 2020, the Company repurchased 1,806,587 shares of its common stock under the 2019 Share Repurchase Program for an aggregate of $408.0 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. During the three months ended September 30, 2021, the Company repurchased 3,293,161 shares of its common stock under the 2021 Share Repurchase Program for an aggregate of $642.2 million. As of September 30, 2021, a total of $857.8 million remained available under this program.