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Shareholders' Equity
 9 Months Ended
Sep. 30, 2015
Stockholders' Equity Note [Abstract]  
Shareholders' Equity
SHAREHOLDERS’ EQUITY
A summary of shares repurchased under our stock repurchase program authorized by our Board of Directors follows:
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2015
 
2014
 
2015
 
2014
Shares repurchased
2.5

 
4.4

 
3.5

 
8.0

Aggregate purchase price
$
150.0

 
$
235.9

 
$
209.1

 
$
415.7

Average purchase price per share
$
59.83

 
$
53.15

 
$
60.54

 
$
51.98



In September 2015, our Board of Directors authorized the repurchase of an additional $250.0 million of shares of our common stock. From October 1, 2015 through October 26, 2015, AutoNation repurchased 0.4 million shares of common stock for an aggregate purchase price of $24.4 million (average purchase price per share of $60.05). As of October 26, 2015, $297.2 million remained available for share repurchases under the program.
Our Board of Directors authorized the retirement of 43.0 million shares of our treasury stock in October 2015, which assumed the status of authorized but unissued shares. Upon the retirement of treasury stock, it is our policy to charge the excess of the cost of the treasury stock over its par value entirely to additional paid-in capital. Any amounts exceeding additional paid-in capital are charged to retained earnings. This retirement had the effect of reducing treasury stock and issued common stock, which includes treasury stock. Our common stock, additional paid-in capital, retained earnings, and treasury stock accounts were adjusted accordingly. There was no impact to shareholders’ equity or outstanding common stock.
A summary of shares of common stock issued in connection with the exercise of stock options follows:
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2015
 
2014
 
2015
 
2014
Shares issued
0.2

 
0.4

 
1.1

 
1.5

Proceeds from the exercise of stock options
$
5.4

 
$
7.5

 
$
24.1

 
$
29.6

Average exercise price per share
$
26.94

 
$
17.54

 
$
22.55

 
$
19.59



The following table presents a summary of shares of common stock issued in connection with grants of restricted stock and shares surrendered to AutoNation to satisfy tax withholding obligations in connection with the vesting of restricted stock (in actual number of shares):
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2015
 
2014
 
2015
 
2014
Shares issued
2,360

 
4,020

 
159,442

 
153,900

Shares surrendered to AutoNation to satisfy tax withholding obligations in connection with the vesting of restricted stock
500

 
1,788

 
36,427

 
46,265