Our board of directors has authorized a share repurchase program of our Class A common stock, which commenced in January 2017 and does not have an expiration date. As of December 31, 2023, $30.93 billion remained available and authorized for repurchases under this program. In January 2024, an additional $50 billion of repurchases was authorized under this program. During the six months ended June 30, 2024, we repurchased and subsequently retired 47 million shares of our Class A common stock for an aggregate amount of $20.95 billion, which includes the 1% excise tax accruals as a result of the Inflation Reduction Act of 2022. As of June 30, 2024, $60.10 billion remained available and authorized for repurchases.

The timing and actual number of shares repurchased under the repurchase program depend on a variety of factors, including price, general business and market conditions, and other investment opportunities. Shares may be repurchased through open market purchases or privately negotiated transactions, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended.

Beginning in February 2024, our board of directors declared quarterly cash dividends of $0.50 per share to the holders of our Class A and Class B common stock. During the three and six months ended June 30, 2024, total dividend payments were $1.09 billion and $2.19 billion for Class A common stock, and $173 million and $346 million for Class B common stock, respectively.

All RSUs granted on or after March 1, 2024 under our 2012 Equity Incentive Plan, which was most recently amended in May 2024 (Amended 2012 Plan), are entitled to dividend equivalent rights. Subject to legally available funds and future declaration by our board of directors, we currently intend to continue to pay a quarterly cash dividend on our outstanding common stock. The declaration and payment of future dividends and dividend equivalents is at the sole discretion of our board of directors after taking into account various factors, including our financial condition, operating results, available cash, and current and anticipated cash needs.

The following table summarizes our share-based compensation expense, which consists of the RSU expense, by line item in our condensed consolidated statements of income (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Cost of revenue	$	288	$	193	$	510	$	352
Research and development	3,780		3,305		6,691		5,754
Marketing and sales	287		289		513		509
General and administrative	261		273		464		496
Total share-based compensation expense	$	4,616	$	4,060	$	8,178	$	7,111


	Number of Shares	Weighted-Average Grant Date Fair Value Per Share
	(in thousands)
Unvested at December 31, 2023	149,062	$	209.85
Granted	41,611	$	500.03
Vested	(32,718)	$	236.26
Forfeited	(5,240)	$	238.55
Unvested at June 30, 2024	152,715	$	282.28

The fair value as of the respective vesting dates of RSUs that vested during the three months ended June 30, 2024 and 2023 was $7.89 billion and $4.30 billion, respectively, and $15.46 billion and $6.74 billion during the six months ended June 30, 2024 and 2023, respectively. The income tax benefit recognized related to awards vested during the three months ended June 30, 2024 and 2023 was $1.65 billion and $915 million, respectively, and $3.27 billion and $1.43 billion during the six months ended June 30, 2024 and 2023, respectively.

As of June 30, 2024, there was $40.84 billion of unrecognized share-based compensation expense related to RSU awards. This unrecognized compensation expense is expected to be recognized over a weighted-average period of approximately three years based on vesting under the award service conditions.