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Equity

3 Months Ended

Mar. 31, 2021

Stockholders' Equity Note [Abstract]

Equity

Equity

Public Offering of Common Stock – Pursuant to an effective registration statement that was filed on December 17, 2018, and amended on January 22, 2019 and March 2, 2020, we entered into an underwriting agreement in March 2020 to issue a total of 2.1 million shares of common stock, which included the exercise in full of the underwriters’ option to purchase 0.3 million additional shares of common stock, at a price to the public of $115.00 per share in March 2020. Net proceeds from the offering were approximately $228.0 million after deducting underwriting discounts, commissions and expenses of the offering.

Stock Repurchase Programs – We had no stock repurchase activity during the three months ended March 31, 2021. In addition to 10.7 million shares repurchased under our previous repurchase programs, we have in treasury 1.2 million shares as of March 31, 2021 that were previously surrendered by employees to satisfy tax withholding due in connection with the vesting of certain restricted stock units. As of March 31, 2021 and December 31, 2020, we had a total of 11.9 million shares and 11.8 million shares, respectively, held in treasury.

For accounting purposes, common stock repurchased under our stock repurchase programs is recorded based upon the settlement date of the applicable trade. Such repurchased shares are held in treasury and are presented using the cost method.

Stock-Based Compensation Expense – Our stock-based compensation expense is summarized as follows by award types (in thousands): 

									Three Months Ended March 31,
															2021						2020
Common stock options															$	180					$	306
Restricted stock units*															10,719						8,408
ESPP															503						—
Total stock-based compensation expense															$	11,402					$	8,714

_________

*    Amounts include market-based and performance-based RSUs.

The following table summarizes stock-based compensation expense by operating function for the periods presented below (in thousands): 

									Three Months Ended March 31,
															2021						2020
Marketing and advertising															$	2,485					$	1,730
Customer care and enrollment															469						662
Technology and content															2,743						1,617
General and administrative															5,705						4,705
Total stock-based compensation expense															$	11,402					$	8,714
Amount capitalized in internal-use software															550						248
Total stock-based compensation															$	11,952					$	8,962

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- Definition

The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI http://asc.fasb.org/topic&trid=2208762

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-URI http://asc.fasb.org/topic&trid=2228938

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- References

No definition available.

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