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 nine months ended September 30, 2024, we repurchased and subsequently retired 65 million shares of our Class A common stock for an aggregate amount of $29.81 billion, which includes the 1% excise tax accruals as a result of the Inflation Reduction Act of 2022. As of September 30, 2024, $51.28 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. RSUs granted on or after March 1, 2024 under our 2012 Equity Incentive Plan (Amended 2012 Plan), which was most recently amended in May 2024, are entitled to dividend equivalent rights. During the three and nine months ended September 30, 2024, total dividend and dividend equivalent payments were $1.09 billion and $3.28 billion for Class A common stock, and $172 million and $519 million for Class B common stock, respectively.

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 RSU expense, by line item in our condensed consolidated statements of income (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cost of revenue	$	266	$	183	$	775	$	536
Research and development	3,486		2,881		10,178		8,635
Marketing and sales	260		219		773		727
General and administrative	238		209		702		705
Total share-based compensation expense	$	4,250	$	3,492	$	12,428	$	10,603


	Number of Shares	Weighted-Average Grant Date Fair Value Per Share
	(in thousands)
Unvested at December 31, 2023	149,062	$	209.85
Granted	45,343	$	501.88
Vested	(48,916)	$	245.36
Forfeited	(8,142)	$	246.92
Unvested at September 30, 2024	137,347	$	291.41

The fair value as of the respective vesting dates of RSUs that vested during the three months ended September 30, 2024 and 2023 was $8.53 billion and $5.23 billion, respectively, and $23.99 billion and $11.97 billion during the nine months ended September 30, 2024 and 2023, respectively. The income tax benefit recognized related to awards vested during the three months ended September 30, 2024 and 2023 was $1.81 billion and $1.11 billion, respectively, and $5.08 billion and $2.55 billion during the nine months ended September 30, 2024 and 2023, respectively.

As of September 30, 2024, there was $37.76 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.