XML 48 R14.htm IDEA: XBRL DOCUMENT v3.22.1
Stockholders' Equity
 3 Months Ended
Mar. 31, 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 months ended March 31, 2022 and 2021:
Three Months Ended
March 31,
20222021
Shares issued and outstanding, beginning balance65,968,224 66,456,663 
Issuance of common stock from vested restricted stock units
126,522 215,958 
Issuance of common stock from exercise of stock options
28,689 20,841 
Issuance of common stock for the acquisition of Zenefits
193,221 — 
Repurchase of common stock
(4,010,945)(744,001)
Awards effectively repurchased for required employee withholding taxes
(46,815)(68,228)
Shares issued and outstanding, ending balance
62,258,896 65,881,233 
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 three months ended March 31, 2022, we repurchased a total of 4,010,945 shares of common stock for approximately $347 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 March 31, 2022, approximately $217 million remained available for further repurchases of our common stock under all authorizations from our board of directors under this program.