Stockholders' Equity

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

Common Stock

The following table shows the beginning and ending balances of our issued and outstanding common stock for the three and nine months ended September 30, 2022 and 2021:

	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Shares issued and outstanding, beginning balance	62,087,303	65,864,116	65,968,224	66,456,663
Issuance of common stock from vested restricted stock units	199,171	127,704	496,051	474,222
Issuance of common stock from exercise of stock options	21,750	29,570	94,139	59,305
Issuance of common stock for employee stock purchase plan	—	—	73,808	74,070
Issuance of common stock for the acquisition of Zenefits	—	—	193,221	—
Repurchase of common stock	—	(230,456)	(4,419,423)	(1,155,707)
Awards effectively repurchased for required employee withholding taxes	(78,718)	(47,764)	(176,514)	(165,383)
Shares issued and outstanding, ending balance	62,229,506	65,743,170	62,229,506	65,743,170

Stock Repurchases

In February 2022, our board of directors authorized a $300 million incremental increase to our ongoing stock repurchase program. This repurchase authorization has no expiration. On March 17, 2022, we completed a tender offer through which we repurchased 3,653,690 shares of common stock at a price of $86.50 per share, for total consideration of approximately $319 million, which includes costs directly attributable to the purchase.

During the nine months ended September 30, 2022, we repurchased a total of 4,419,423 shares of common stock for approximately $380 million, plus costs, including shares repurchased through our tender offer.

We retire shares in the period they are acquired and account for the payment as a reduction to stockholders' equity. As of September 30, 2022, approximately $184 million remained available for further repurchases of our common stock under all authorizations from our board of directors under this program.