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Shareholders' Equity | 9 Months Ended
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Sep. 30, 2023
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,
| 2023 |  | 2022 |  | 2023 |  | 2022
Shares repurchased | 1.3 |  |  | 3.8 |  |  | 5.3 |  |  | 10.9 |
Aggregate purchase price (1) | $ | 200.0 |  |  | $ | 428.2 |  |  | $ | 712.4 |  |  | $ | 1,213.1 |
Average purchase price per share | $ | 155.91 |  |  | $ | 113.51 |  |  | $ | 135.38 |  |  | $ | 110.96 |
(1) Excludes excise tax accrual imposed under the Inflation Reduction Act of $2.0 million and $6.6 million for the three and nine months ended September 30, 2023, respectively.
As of September 30, 2023, $472.0 million remained available under our stock repurchase limit most recently authorized by our Board of Directors. 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 Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Shares issued (in actual number of shares) | 7,000 |  |  | 16,570 |  |  | 37,996 |  |  | 71,030 |
Proceeds from the exercise of stock options | $ | 0.4 |  |  | $ | 0.8 |  |  | $ | 1.9 |  |  | $ | 3.4 |
Average exercise price per share | $ | 57.15 |  |  | $ | 48.15 |  |  | $ | 50.34 |  |  | $ | 47.94 |
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 Ended |  | Nine Months Ended
| September 30, |  | September 30,
(In actual number of shares) | 2023 |  | 2022 |  | 2023 |  | 2022
Shares issued | 987 |  |  | 1,227 |  |  | 531,994 |  |  | 775,312 |
Shares surrendered to AutoNation to satisfy tax withholding obligations | 278 |  |  | 570 |  |  | 182,527 |  |  | 263,521 |

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