STOCKHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2023

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, 2023 and 2022:

	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Shares issued and outstanding, beginning balance	59,674,960	62,087,303	60,555,661	65,968,224
Issuance of common stock from vested restricted stock units	161,125	199,171	464,051	496,051
Issuance of common stock from exercise of stock options	73,818	21,750	155,485	94,139
Issuance of common stock for employee stock purchase plan	—	—	104,017	73,808
Issuance of common stock for the acquisition of Zenefits	—	—	—	193,221
Repurchase of common stock	(9,345,794)	—	(10,611,683)	(4,419,423)
Awards effectively repurchased for required employee withholding taxes	(56,519)	(78,718)	(159,941)	(176,514)
Shares issued and outstanding, ending balance	50,507,590	62,229,506	50,507,590	62,229,506

Stock Repurchases

In February 2020, our board of directors authorized a $300 million incremental increase to our ongoing stock repurchase program. In February 2022 and November 2022, our board of directors authorized a further $300 million and $200 million, respectively, incremental increase to this stock repurchase program. In February 2023 and July 2023, our board of directors authorized a further $300 million and $1 billion, respectively, incremental increase to this stock repurchase program. This repurchase authorization has no expiration.

In August 2023, we completed a tender offer through which we repurchased 5,981,308 shares of common stock at a price of $107.00 per share, for total consideration of approximately $640 million. In September 2023, we repurchased 3,364,486 shares of common stock at a price of $107.00 per share, for total consideration of approximately $360 million, through a purchase agreement with our largest stockholder, Atairos Group, Inc.