Alaska Airlines and Horizon Air 2014 Annual Report Download - page 175

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Dividends
During 2014, the Board of Directors declared dividends of $0.50 per share. The Company paid
dividends of $68 million to shareholders of record during 2014.
Subsequent to year-end, the Board of Directors declared a quarterly cash dividend of $0.20 per share
to be paid on March 10, 2015 to shareholders of record as of February 24, 2015. This is a 60%
increase from the most recent quarterly dividends of $0.125 per share.
Common Stock Repurchase
In May 2014, the Board of Directors authorized a $650 million share repurchase program, which does
not have a set expiration date. In September 2012, the Board of Directors authorized a $250 million
share repurchase program, which was completed in July 2014. In February 2012, the Board of Directors
authorized a $50 million share repurchase program, which was completed in September 2012. In June
2011, the Board of Directors authorized a $50 million share repurchase program, which was completed
in January 2012.
Share repurchase activity (in millions, except shares):
2014 2013 2012
Shares Amount Shares Amount Shares Amount
2014 $650 million
Repurchase Program 5,497,427 $ 265 –$ – –$ –
2012 $250 million
Repurchase Program 1,819,304 83 4,984,186 159 405,020 8
2012 $50 million
Repurchase Program ––– – 2,874,202 50
2011 $50 million
Repurchase Program ––– – 92,680 2
Total 7,316,731 $ 348 4,984,186 $ 159 3,371,902 $ 60
Retirement of Treasury Shares
In 2014, the Company retired 7,283,107 common shares that had been held in treasury. At
December 31, 2014, the Company held 75,100 shares in treasury.
Accumulated Other Comprehensive Loss (AOCL)
AOCL consisted of the following (in millions, net of tax):
2014 2013
Related to marketable securities ––
Related to employee benefit plans (298) (173)
Related to interest rate derivatives (12) (10)
$ (310) $ (183)
91
ŠForm 10-K