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Shareholders' Equity | 3 Months Ended
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Mar. 31, 2024
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 |  |
| March 31, |  |
| 2024 |  | 2023 |  |  |  |
Shares repurchased | 0.2 |  |  | 2.4 |  |  |  |  |
Aggregate purchase price (1) | $ | 38.7 |  |  | $ | 305.0 |  |  |  |  |
Average purchase price per share | $ | 158.40 |  |  | $ | 126.37 |  |  |  |  |
(1) Excludes excise taxes imposed under the Inflation Reduction Act of $0.1 million and $2.5 million for the three months ended March 31, 2024, and March 31, 2023, respectively.
As of March 31, 2024, $282.1 million remained available under our stock repurchase limit authorized by our Board of Directors. From April 1, 2024, through April 24, 2024, we repurchased 1.4 million shares of common stock for an aggregate purchase price of $211.3 million (average purchase price per share of $155.74). In April 2024, our Board of Directors authorized the repurchase of up to an additional $1.0 billion of 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 Ended |  |
| March 31, |  |
| 2024 |  | 2023 |  |  |  |
Shares issued (in actual number of shares) | 965 |  |  | 27,135 |  |  |  |  |
Proceeds from the exercise of stock options | $ | 0.1 |  |  | $ | 1.3 |  |  |  |  |
Average exercise price per share | $ | 64.48 |  |  | $ | 47.57 |  |  |  |  |
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 |  |
| March 31, |  |
| 2024 |  | 2023 |  |  |  |
Shares issued | 0.3 |  |  | 0.5 |  |  |  |  |
Shares surrendered to AutoNation to satisfy tax withholding obligations | 0.1 |  |  | 0.2 |  |  |  |  |

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