Shareholders' Equity

9 Months Ended

Sep. 30, 2011

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:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2011		2010		2011		2010
Shares repurchased	5.7		2.9		10.8		25.9
Aggregate purchase price	$	195.9	$	55.0	$	365.6	$	506.6
Average purchase price per share	$	34.66	$	19.08	$	33.85	$	19.59

As of September 30, 2011, $117.6 million remained available for share repurchases under the share repurchase program approved by our Board of Directors. From October 1, 2011 through October 19, 2011, we repurchased an additional 1.5 million shares for an aggregate purchase price of $51.9 million (average purchase price per share of $33.67) pursuant to a Rule 10b5-1 plan. In October 2011, our Board of Directors authorized an additional $250 million under our existing share repurchase program. As of October 19, 2011, $315.7 million remained available for share repurchases under the program.

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,
	2011		2010		2011		2010
Shares issued	1.4		1.6		3.8		1.9
Proceeds from exercise of stock options	$	26.3	$	24.5	$	66.3	$	30.1
Average exercise price per share	$	18.35	$	15.35	$	17.54	$	15.53

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 (in actual number of shares):

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2011	2010	2011	2010
Shares issued	—	—	163,892	188,740
Shares surrendered to AutoNation to satisfy tax withholding obligations in connection with the vesting of restricted stock	11,688	12,796	42,985	33,485