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EQUITY

12 Months Ended

Dec. 31, 2021

EQUITY

EQUITY

20.  EQUITY

Common Stock

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The Company’s common stock is listed on Cboe BZX under the trading symbol CBOE. As of December 31, 2021, 325,000,000 shares of the Company’s common stock were authorized, $0.01 par value, and 108,159,319 and 106,646,498 shares were issued and outstanding, respectively. The holders of common stock are entitled to one vote per share.

Common Stock in Treasury, at Cost

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The Company accounts for the purchase of treasury stock under the cost method with the shares of stock repurchased reflected as a reduction to Cboe stockholders’ equity and included in common stock in treasury, at cost in the consolidated balance sheets. Shares repurchased under the Company’s share repurchase program are retired or they are available to be redistributed. When treasury shares are redistributed, they are recorded at the average cost of the treasury shares acquired. When treasury shares are retired, they are removed from the common stock in treasury balance. The Company held 1,512,821 and 18,699,034 shares of common stock in treasury as of December 31, 2021 and December 31, 2020, respectively.

In December 2021, the Board of Directors approved the retirement of 18,072,129 shares of treasury stock. These shares represent shares that were repurchased as part of the Company’s share repurchase program since inception through October 2021. The retirement is recorded as a decrease to treasury stock, common stock, and additional paid in capital on the consolidated balance sheets.

Share Repurchase Program

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In 2011, the Board of Directors approved an initial authorization for the Company to repurchase shares of its outstanding common stock of $100 million and approved additional authorizations of $100 million in each of 2012, 2013, 2014, 2015 and 2016, $250 million in each of 2018, 2019 and 2020, and $200 million in February 2021, for a total authorization of $1.6 billion. The Company expects to fund repurchases primarily through the use of existing cash balances. The program permits the Company to purchase shares, through a variety of methods, including in the open market or through privately negotiated transactions, in accordance with applicable securities laws. It does not obligate the Company to make any repurchases at any specific time or situation.

Under the program, for the year ended December 31, 2021, the Company has repurchased 822,005 shares of common stock at an average cost per share of $98.82, totaling $81.3 million. Since inception of the program through December 31, 2021, the Company has repurchased 18,072,129 shares of common stock at an average cost per share of $68.12, totaling $1.2 billion.

As of December 31, 2021, the Company had $318.9 million of availability remaining under its existing share repurchase authorizations.

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The table below shows the repurchased shares of common stock under the Company’s share repurchase program during the periods presented as follows:

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​	​	​	​	​	​	​	​	​
​	​		​	Average Repurchase		​	Amount of Repurchases
​	Shares Repurchased		​	Price Per Share		​	(in millions)
2021	​	​	​	​	​	​	​	​
Fourth quarter	​	—	​	$	—	​	$	—
Third quarter		—	​	​	—	​	​	—
Second quarter		331,373	​	​	101.57	​	​	33.7
First quarter		490,632	​	​	96.97	​	​	47.6
Total open market common stock repurchases		822,005	​	​	​	​	​	81.3
​	​	​	​	​	​	​	​	​
2020		​	​	​	​	​	​	​
Fourth quarter	​	1,013,709	​	$	86.79	​	$	88.0
Third quarter		465,366	​	​	89.92	​	​	41.8
Second quarter	​	992,159	​	​	100.54	​	​	99.8
First quarter	​	1,062,881	​	​	112.46	​	​	119.5
Total open market common stock repurchases	​	3,534,115	​	​	​	​	​	349.1
​	​	​	​	​	​	​	​	​
2019	​	​	​	​	​	​	​	​
Fourth quarter	​	600,442	​	$	115.76	​	$	69.5
Third quarter	​	453,319	​	​	115.49	​	​	52.4
Second quarter	​	100	​	​	104.75	​	​	0.01
First quarter	​	366,793	​	​	95.36	​	​	35.0
Total open market common stock repurchases	​	1,420,654	​	​	​	​	​	156.9

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Purchase of Common Stock from Employees

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The Company purchased 63,911 and 120,552 shares that were not part of the publicly announced share repurchase authorization from employees for an average price paid per share of $97.19 and $117.98 during the years ended December 31, 2021 and 2020, respectively. These shares consisted of shares retained to cover payroll withholding taxes or option costs in connection with the vesting of restricted stock awards, restricted stock units, performance share awards, and stock option exercises.

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Preferred Stock

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The Company has authorized the issuance of 20,000,000 shares of preferred stock, par value $0.01 per share, issuable from time to time in one or more series. For the years ended December 31, 2021, and 2020, the Company had no shares of preferred stock issued or outstanding.

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Dividends

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During the year ended December 31, 2021, the Company declared and paid cash dividends per share of $1.80, for an aggregate payout of $193.3 million. During the year ended December 31, 2020, the Company declared and paid cash dividends per share of $1.56, for an aggregate payout of $170.6 million.

Each share of common stock, including RSAs, RSUs, and PSUs, is entitled to receive dividend and dividend equivalents, respectively, if, as and when declared by the Board of Directors of the Company. The Company’s expectation is to continue to pay dividends. The decision to pay a dividend, however, remains within the discretion of the Company’s Board of Directors and may be affected by various factors, including earnings, financial condition, capital requirements, level of indebtedness and other considerations the Board of Directors deems relevant. Future debt obligations and statutory provisions, among other things, may limit, or in some cases prohibit, the Company’s ability to pay dividends.

As a holding company, the Company’s ability to declare and continue to pay dividends in the future with respect to its common stock will also be dependent upon the ability of its subsidiaries to pay dividends to it under applicable corporate law.

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