REPURCHASES OF COMMON STOCK

9 Months Ended

Sep. 30, 2025

We primarily acquire shares of our common stock by repurchases in the open market. We also acquire shares that are surrendered by employees in payment for the statutory withholding taxes due on the vesting of restricted stock units and the settlement of deferred stock units, otherwise referred to herein as employee surrenders. We issue shares of treasury stock upon the vesting of certain restricted stock units and upon the exercise of certain stock options. The Inflation Reduction Act of 2022 imposed a 1% excise tax on the net value of certain stock repurchases, which is included in the cost of treasury stock acquired in open market repurchases. The number of shares of treasury stock issued during the three and nine months ended September 30, 2025, and 2024, was not material.

The following table is a summary of our open market common stock repurchases, reported on a trade date basis, and shares acquired through employee surrenders:


(in thousands, except per share amounts)	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024

Shares repurchased in the open market	411		459		2,055		1,177
Shares acquired through employee surrenders for statutory tax withholding	—		1		16		19
Total shares repurchased	411		460		2,071		1,196

Cost of shares repurchased in the open market	$	241,568	$	224,945	$	978,313	$	600,216
Cost of shares for employee surrenders	85		218		7,179		10,486
Total cost of shares	$	241,653	$	225,163	$	985,492	$	610,702

Average cost per share - open market repurchases	$	587.50	$	490.23	$	475.92	$	509.81
Average cost per share - employee surrenders	$	647.08	$	465.27	$	454.46	$	557.64
Average cost per share - total	$	587.52	$	490.20	$	475.76	$	510.57