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Shareholders' Equity
 12 Months Ended
Dec. 31, 2016
Stockholders' Equity Note [Abstract]  
Shareholders' Equity
SHAREHOLDERS’ EQUITY
A summary of shares repurchased under our share repurchase program authorized by our Board of Directors follows:
 
2016
 
2015
 
2014
Shares repurchased
10.5

 
3.9

 
9.4

Aggregate purchase price
$
497.0

 
$
235.1

 
$
485.1

Average purchase price per share
$
47.30

 
$
60.49

 
$
51.59


As of December 31, 2016, $298.6 million remained available under our stock repurchase limit most recently authorized by our Board of Directors.
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.
We have 5.0 million authorized shares of preferred stock, par value $0.01 per share, none of which are issued or outstanding. The Board of Directors has the authority to issue the preferred stock in one or more series and to establish the rights, preferences, and dividends.
A summary of shares of common stock issued in connection with the exercise of stock options follows:
 
 
2016
 
2015
 
2014
Shares issued
0.3

 
1.3

 
1.7

Proceeds from the exercise of stock options
$
8.4

 
$
30.0

 
$
35.1

Average exercise price per share
$
31.21

 
$
23.33

 
$
20.50



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):
 
2016
 
2015
 
2014
Shares issued
143,424

 
159,442

 
154,540

Shares surrendered to AutoNation to satisfy tax withholding obligations in connection with the vesting of restricted stock
38,906

 
36,712

 
46,752