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, 2024, $51.28 billion remained available and authorized for repurchases under this program. During the three months ended March 31, 2025, we repurchased and subsequently retired 19 million shares of our Class A common stock for an aggregate amount of $13.40 billion, including excise taxes. As of March 31, 2025, $37.95 billion remained available and authorized for repurchases.

The following table summarizes our dividends activities for the periods presented (in millions, except per share amounts):


Record Date	Payment Date	Dividend Per Share		Class A		Class B		Total
2025
March 14, 2025	March 26, 2025	$	0.525	$	1,145	$	180	$	1,325




2024
February 22, 2024	March 26, 2024	$	0.50	$	1,099	$	174	$	1,273
June 14, 2024	June 26, 2024	$	0.50	$	1,093	$	173	$	1,266
September 16, 2024	September 26, 2024	$	0.50	$	1,090	$	172	$	1,262
December 16, 2024	December 27, 2024	$	0.50	$	1,095	$	172	$	1,267

Our board of directors increased our first quarter 2025 cash dividend by 5% to $0.525 per share of the outstanding Class A and Class B common stock. During the three months ended March 31, 2025 and in 2024, we also paid an immaterial amount of dividend equivalents on eligible equity awards which are not included above.

As of March 31, 2025, there were 465 million shares of our Class A common stock reserved for future issuance under our 2012 Equity Incentive Plan, which was most recently amended in May 2024 (Amended 2012 Plan).

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 March 31,
		2025		2024
Cost of revenue		$	271	$	221
Research and development		3,427		2,911
Marketing and sales		236		226
General and administrative		213		204
Total		$	4,147	$	3,562


	Number of Shares	Weighted-Average Grant Date Fair Value Per Share
	(in thousands)
Unvested at December 31, 2024	122,632	$	302.27
Granted	26,413	$	592.50
Vested	(15,652)	$	272.36
Forfeited	(6,186)	$	293.84
Unvested at March 31, 2025	127,207	$	366.63

The fair value as of the respective vesting dates of RSUs that vested during the three months ended March 31, 2025 and 2024 was $11.53 billion and $7.58 billion, respectively. The income tax benefit recognized related to awards vested during the three months ended March 31, 2025 and 2024 was $2.36 billion and $1.61 billion, respectively.

As of March 31, 2025, there was $44.47 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.