Shareholders' Equity

12 Months Ended

Dec. 31, 2013

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:

	2013		2012		2011
Shares repurchased	1.1		16.6		17.1
Aggregate purchase price	$	53.5	$	580.6	$	583.4
Average purchase price per share	$	47.37	$	34.89	$	34.14

In January 2014, our Board of Directors authorized an additional $250 million under our existing share repurchase program. From January 1, 2014 through February 12, 2014 we repurchased an additional 2.4 million shares for an aggregate purchase price of $115.7 million (average purchase price per share of $47.92). As of February 12, 2014, $400.0 million remained available for share repurchases under the program.

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:

	2013		2012		2011
Shares issued	1.1		1.7		4.4
Proceeds from the exercise of stock options	$	22.7	$	32.0	$	78.7
Average exercise price per share	$	20.31	$	19.33	$	17.74

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 or to pay for an option exercise (in actual number of shares):

	2013	2012	2011
Shares issued	137,144	160,740	163,892
Shares surrendered to AutoNation to satisfy tax withholding obligations in connection with the vesting of restricted stock or to pay for an option exercise	44,738	81,717	59,452