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Equity and Redeemable Non-controlling Interest
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Equity and Redeemable Non-controlling Interest EQUITY AND REDEEMABLE NON-CONTROLLING INTEREST
Common Stock
The shares of common stock are not convertible into any other series or class of our securities. Holders of common stock are entitled to one vote for each share held of record.

Repurchases of Common Stock
Repurchases of our common stock occurred under repurchase authorizations granted by our Board of Directors and related to shares withheld as part of the vesting of restricted stock units (RSUs).

On November 1, 2022, our Board of Directors approved an additional $450 million repurchase authorization of our common stock. This new authorization is in addition to the amount previously authorized by the Board for repurchase. Share repurchases under our authorization were as follows:
 Repurchases Occurring in 2022Cumulative Repurchases as of December 31, 2022
 SharesAverage PriceSharesAverage Price
Share repurchase authorization2,428,850 $276.42 6,904,781 $173.59 

As of December 31, 2022, we had $501.4 million available for repurchases pursuant to our share repurchase authorization.

In addition, during 2022, we repurchased 56,911 shares at an average price of $296.86 per share, for a total of $16.9 million, related to tax withholdings associated with the vesting of RSUs. The repurchase of shares related to
tax withholdings associated with stock awards does not reduce the number of shares available for repurchase as approved by our Board of Directors.

The following is a summary of our repurchases in the years ended December 31, 2022, 2021 and 2020:
Year Ended December 31,
202220212020
Shares repurchased pursuant to repurchase authorizations2,428,850 756,883 563,953 
Total purchase price ($ in millions)$671.4 $214.8 $46.1 
Average purchase price per share$276.42 $283.75 $81.71 
Shares repurchased in association with tax withholdings on the vesting of RSUs56,911 54,318 30,620 

Dividends
We declared and paid dividends on our common stock as follows:
Quarter declaredDividend amount per share
Total amount of dividends paid
($ in millions)
2020
First quarter$0.30 $7.0 
Second quarter0.30 6.8 
Third quarter0.31 7.1 
Fourth quarter0.31 8.2 
2021
First quarter$0.31 $8.2 
Second quarter0.35 9.3 
Third quarter0.35 10.6 
Fourth quarter0.35 10.6 
2022
First quarter$0.35 $10.3 
Second quarter0.42 11.9 
Third quarter0.42 11.6 
Fourth quarter0.42 11.4 

ATM Equity Offering Agreement
On July 24, 2020, we entered into an ATM Equity OfferingSM Sales Agreement with BofA Securities, Inc. and Jefferies LLC acting as sales agents and/or principals and Bank of America, N.A. and Jefferies LLC acting as forward purchasers, pursuant to which we may offer and sell, from time to time through the sales agents, shares of our common stock, no par value, having an aggregate gross sales price of up to $400.0 million. To date, no sales have been made under the program.

Redeemable Non-controlling Interest
On August 30, 2021, we expanded into Canada through a partnership with Toronto-based Pfaff Automotive Partners. As part of the acquisition, we were granted the right to purchase (Call Option), and granted Pfaff Automotive a right to sell (Put Option), the remaining interest after a three-year period, with a purchase price based on Pfaff’s pro rata share of assets at the date of exercise of the Call or Put Option, as applicable. The redeemable non-controlling interest is classified as mezzanine equity in the accompanying Consolidated Balance Sheets. The non-controlling interest is adjusted each reporting period for income (loss) attributable to the non-controlling interest and any adjustments in fair value.