Share repurchase, remaining authorized repurchase amount

  
10. Shareholders’ Equity (Deficit)Ordinary SharesAon has a share repurchase program authorized by the Company’s Board of Directors (the “Repurchase Program”). The Repurchase Program was established in April 2012 with $5.0 billion in authorized repurchases, and was increased by $5.0 billion in authorized repurchases in each of November 2014, June 2017, and November 2020, and by $7.5 billion in February 2022 for a total of $27.5 billion in repurchase authorizations.Under the Repurchase Program, the Company’s class A ordinary shares may be repurchased through the open market or in privately negotiated transactions, from time to time, based on prevailing market conditions, and will be funded from available capital.The following table summarizes the Company’s share repurchase activity (in millions, except per share data):

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
|  | 2022 |  | 2021 |  | 2022 |  | 2021 |
| Shares repurchased | 4.2  |  |  | 4.4  |  |  | 8.7  |  |  | 5.7  |  |
| Average price per share | $ | 284.39  |  |  | $ | 283.38  |  |  | $ | 289.14  |  |  | $ | 272.11  |  |
|  |  |  |  |  |  |  |  |
| Repurchase costs recorded to accumulated deficit | $ | 1,200  |  |  | $ | 1,251  |  |  | $ | 2,528  |  |  | $ | 1,543  |  |
|  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |

At September 30, 2022, the remaining authorized amount for share repurchases under the Repurchase Program was approximately $6.7 billion. Under the Repurchase Program, the Company has repurchased a total of 158.4 million shares for an aggregate cost of approximately $20.8 billion.Weighted Average Ordinary SharesWeighted average ordinary shares outstanding are as follows (in millions):

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   | Three Months Ended September 30, |  | Nine Months Ended September 30, |
|   | 2022 |  | 2021 |  | 2022 |  | 2021 |
| Basic weighted average ordinary shares outstanding | 210.9  |  |  | 225.4  |  |  | 213.2  |  |  | 226.5  |  |
| Dilutive effect of potentially issuable shares | 1.7  |  |  | —  |  |  | 1.4  |  |  | 1.2  |  |
| Diluted weighted average ordinary shares outstanding | 212.6  |  |  | 225.4  |  |  | 214.6  |  |  | 227.7  |  |

Potentially issuable shares are not included in the computation of Diluted net income (loss) per share attributable to Aon shareholders if their inclusion would be antidilutive. There were 1.0 million and 0.9 million shares excluded from the calculation for the three and nine months ended September 30, 2022, respectively. Due to the net loss for the three months ended September 30, 2021, 1.5 million shares were excluded from the calculation. There were no shares excluded from the calculation for the nine months ended September 30, 2021.  
19
