Shareholders' Equity

9 Months Ended

Sep. 30, 2021

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,
	2021		2020		2021		2020
Shares repurchased	7.9		—		19.2		2.5
Aggregate purchase price	$	879.2	$	—	$	1,921.4	$	80.0
Average purchase price per share	$	111.96	$	—	$	100.13	$	31.95

As of September 30, 2021, $276.3 million remained available for share repurchases under the program. In October 2021, 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 Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Shares issued	0.3		0.6		0.8		0.7
Proceeds from the exercise of stock options	$	13.6	$	30.5	$	42.6	$	31.5
Average exercise price per share	$	54.27	$	48.86	$	51.80	$	46.37

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 vesting of restricted stock and settlement of RSUs:

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
(In actual number of shares)	2021	2020	2021	2020
Shares issued	13,610	10,896	652,802	512,917
Shares surrendered to AutoNation to satisfy tax withholding obligations	6,318	4,288	230,451	190,888