Common Stock and Stock-Based Compensation

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Common Stock and Stock-Based Compensation

Stockholders' Equity

In September 2021, our Board of Directors authorized a new share repurchase program effective September 9, 2021 through December 31, 2022. The new share repurchase program authorizes the Company to repurchase up to $250.0 million of its common stock. In December 2021, we entered into an accelerated share repurchase agreement (the "ASR") to repurchase $125.0 million of our common stock. Approximately 3.3 million shares repurchased as part of the ASR on December 31, 2021 were delivered to the Company in January 2022 in accordance with normal settlement practices, representing approximately 80% of the total notional value of the ASR. The ASR is expected to be completed during the third quarter of 2022, at which time any remaining shares will be delivered to the Company. Share repurchase activity under the authorized program is as follows:


	Shares Repurchased			Remaining Authorization to Repurchase
Period	Number of Shares	Cost (in millions)		Cost (in millions)
September 9, 2021 Authorization				$	250.0
September 9, 2021 through September 30, 2021	—	$	—	$	250.0
October 1, 2021 through December 31, 2021	5,155,491	151.9		$	98.1	(1)
January 1, 2022 through March 31, 2022	—	—		$	98.1	(1)


Total	5,155,491	$	151.9

(1) Remaining authorization includes $25.0 million of committed share repurchases under the terms of the ASR. Approximately $73.1 million of the share repurchase program will remain after the completion of the ASR.

During the three months ended March 31, 2021, share repurchases totaled 1.3 million, at a cost of approximately $36.8 million, under a previous share repurchase program, which was completed in the third quarter of 2021. Certain shares of stock repurchased during March 2021, totaling $2.9 million, were cash settled in April 2021 in accordance with normal settlement practices.

Stock-Based Compensation

Stock-based compensation expense totaled approximately $5.1 million for both the three months ended March 31, 2022 and 2021. The Company's annual grant of share-based awards generally occurs in the second quarter under our 2004 Fourth Amended and Restated Stock Option and Incentive Plan (the "Plan”). Our stock options have contractual terms of ten years and become exercisable over a three-year period. Expense related to stock options is recognized on a straight-line basis over the vesting period. Expense related to restricted stock units ("RSUs") issued to eligible employees under the Plan is recognized ratably over the vesting period, generally between three years and four years. Beginning in 2020, certain RSU grants provide for full vesting when the award recipients retire having reached 60 years of age and having provided at least 10 years of service to the Company, provided that the awards remain outstanding for a period of six months from the date of grant. The expense for these awards is recognized over the applicable service period for each of the eligible award recipients. Expense related to RSUs and restricted stock awards ("RSAs") granted to non-employee directors under the Plan is recognized ratably over the vesting period, generally one year. Expense related to performance units is recognized ratably from their award date to the end of the performance period, generally three years.

The following table summarizes stock-based compensation awards granted during the three months ended March 31, 2022:


	Number of Shares Granted	Weighted Average Grant-Date Fair Value per Award

Restricted stock units	648	$	30.87

Performance units	108,127	$	38.26