Stand with your feet shoulder- or hip-width distance apart, holding a dumbbell at each shoulder.
Bend your knees as you shift your hips and butt back, lowering into a squat like you're sitting on a chair.
Keep your chest lifted, and do not let your lower back round. Keep your knees over your ankles, and shift your weight back into your heels.
Squat down as low as you can, keeping your head and chest lifted, your spine long, and your shoulders relaxed.
Push through your heels, and slowly straighten your legs to stand up, pressing the dumbbells overhead as you do. (You'll be bringing the dumbbells back to your shoulders as you lower down into your squat again.)