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Shareholders' Equity
 9 Months Ended
Sep. 30, 2022
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 EndedNine Months Ended
 September 30,September 30,
 2022202120222021
Shares repurchased3.8 7.9 10.9 19.2 
Aggregate purchase price$428.2 $879.2 $1,213.1 $1,921.4 
Average purchase price per share$113.51 $111.96 $110.96 $100.13 

As of September 30, 2022, $681.5 million remained available under our stock repurchase limit most recently authorized by our Board of Directors. In October 2022, our Board of Directors increased the share repurchase authorization by $1.0 billion.
Our Board of Directors authorized the retirement of 16.0 million shares of our treasury stock in April 2021, 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 of such preferred stock.
A summary of shares of common stock issued in connection with the exercise of stock options follows:
Three Months EndedNine Months Ended
 September 30,September 30,
2022202120222021
Shares issued (in actual number of shares)16,570 250,896 71,030 821,566 
Proceeds from the exercise of stock options $0.8 $13.6 $3.4 $42.6 
Average exercise price per share$48.15 $54.27 $47.94 $51.80 
The following table presents a summary of shares of common stock issued in connection with the settlement of RSUs, as well as shares surrendered to AutoNation to satisfy tax withholding obligations in connection with the settlement of RSUs:
Three Months EndedNine Months Ended
 September 30,September 30,
(In actual number of shares)2022202120222021
Shares issued1,227 13,610 775,312 652,802 
Shares surrendered to AutoNation to satisfy tax withholding obligations
570 6,318 263,521 230,451