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Shareholders' Equity | 12 Months Ended
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Dec. 31, 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:
| 2023 |  | 2022 |  | 2021
Shares repurchased | 6.4 |  |  | 15.6 |  |  | 22.3 |
Aggregate purchase price(1) | $ | 863.6 |  |  | $ | 1,710.2 |  |  | $ | 2,303.2 |
Average purchase price per share | $ | 134.68 |  |  | $ | 109.86 |  |  | $ | 103.18 |
(1) 2023 excludes excise tax accrual imposed under the Inflation Reduction Act of $8.1 million.
As of December 31, 2023, $320.8 million remained available under our stock repurchase limit most recently authorized by our Board of Directors. Our Board of Directors authorized the retirement of 23.0 million and 16.0 million shares of our treasury stock in November 2022 and April 2021, respectively, 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. These retirements 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:
| 2023 |  | 2022 |  | 2021
Shares issued (in actual number of shares) | 37,996 |  | 71,030 |  | 1,025,673
Proceeds from the exercise of stock options | $ | 1.9 |  |  | $ | 3.4 |  |  | $ | 54.5 |
Average exercise price per share | $ | 50.34 |  |  | $ | 47.94 |  |  | $ | 53.13 |
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:
| 2023 |  | 2022 |  | 2021
Shares issued | 0.6 |  |  | 0.8 |  |  | 0.7 |
Shares surrendered to AutoNation to satisfy tax withholding obligations | 0.2 |  |  | 0.3 |  |  | 0.2 |

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