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Purchases of Equity Securities by the Issuer and Affiliated Purchasers
−Removed: In January 2021, July 2021, and January 2022 our Board of Directors increased the authorization under its existing stock repurchase program by $100.0 million, $970.0 million and $175.0 million respectively, reflecting an aggregate authorization for share repurchases since the initiation of the program of $1,645.0 million.
+Added: In January 2021, July 2021, January 2022 and October 2022 our Board of Directors increased the authorization under its existing stock repurchase program by $100.0 million, $970.0 million, $175.0 million and $200.0 million respectively, reflecting an aggregate authorization for share repurchases since the initiation of the program of $1,845.0 million.
The current expiration date on the repurchase authorization by our Board of Directors is December 31, 2023.
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The amount and timing of future share repurchases, if any, will be made as market and business conditions warrant.
−Removed: On March 10, 2021, the Company entered into an accelerated share repurchase (“ASR”) agreement with Morgan Stanley & Co.
−Removed: LLC (“Morgan Stanley”) to repurchase up to $35.0 million of its outstanding shares of common stock as part of the Company’s share repurchase program.
−Removed: Under the ASR agreement, the Company received initial delivery of approximately 275,889 shares of common stock, representing approximately 80% of the number of shares of common stock initially underlying the ASR agreement based on the closing price of the common stock of $101.49, on March 9, 2021.
−Removed: The total number of shares that the Company repurchased under the ASR program was based on the volume-weighted average price of the common stock during the term of the ASR agreement, less a discount, and was subject to potential adjustments pursuant to the terms and conditions of the ASR agreement.
−Removed: The final settlement of the share repurchases under the ASR agreement was completed on May 4, 2021 with additional delivery of 45,914 shares of common stock.
−Removed: The ASR agreement resulted in a total of 321,803 shares repurchased at an average cost of $108.76.
−Removed: On May 14, 2021, the Company entered into an ASR agreement with Morgan Stanley to repurchase up to $50.0 million of its outstanding shares of common stock as part of the Company’s share repurchase program.
−Removed: Under the ASR agreement, the Company received initial delivery on May 17, 2021 of approximately 418,279 shares of common stock, representing approximately 80% of the number of shares of common stock initially underlying the ASR agreement based on the closing price of the common stock of $95.63, on May 14, 2021.
−Removed: The total number of shares that the Company repurchased under the ASR program was based on the volume-weighted average price of the common stock during the term of the ASR agreement, less a discount, and subject to potential adjustments pursuant to the terms and conditions of the ASR agreement.
−Removed: The final settlement of the share repurchases under the ASR agreement was completed on August 13, 2021 with additional delivery of 139,270 shares of common stock.
−Removed: The ASR agreement resulted in a total of 557,549 shares repurchased at an average cost of $89.68.
−Removed: Since the initial approval of our share repurchase plan, we have purchased 14,777,590 shares of common stock at an aggregate cost of $1.05 billion, which includes the shares delivered from the ASR agreements and which purchases are recorded at cost in the accompanying December 31, 2021 consolidated balance sheet and statement of stockholders’ equity.
−Removed: At December 31, 2021, there remained $420.4 million available under our current share repurchase authorization (which authorization was increased to $595.4 million in January 2022).
+Added: Since the initial approval of our share repurchase plan, we have purchased 21,572,283 shares of common stock at an aggregate cost of $1,649.2 billion, which purchases are recorded at cost in the accompanying December 31, 2022 consolidated balance sheet and statement of stockholders’ equity.
+Added: At December 31, 2022, there remained $195.8 million available under our current share repurchase authorization.
During the fourth quarter and the year ended December 31, 2022, GCE repurchased 318,935 and 6,794,693 shares of common stock, respectively, at an aggregate cost of $28.0 million and $599.6 million, respectively.
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2022 Peer Group
−Removed: 2021 Peer Group
The information contained in the performance graph shall not be deemed “soliciting material” or to be “filed” with the SEC nor shall such information be deemed incorporated by reference into any future filing under the Securities Act or the Exchange Act, except to the extent that we specifically incorporate it by reference into such filing.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.