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Table of Contents
EARTHLINK HOLDINGS CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Capital Lease Obligations
The Company maintains capital leases relating to equipment and indefeasible right-to-use fiber agreements. Minimum lease payments under capital leases as of
December 31, 2015 are as follows:
Year Ending December 31, (in thousands)
2016 $ 3,278
2017 3,304
2018 3,270
2019 3,300
2020 3,124
Thereafter 2,992
Total minimum lease payments 19,268
Less amounts representing interest (5,677)
Total capital lease obligations $ 13,591
8. Stockholders’ Equity
Share Repurchases
Since the inception of the Company’s share repurchase program, the Board of Directors has authorized a total of $750.0 million for the repurchase of EarthLink’s
common stock. As of December 31, 2015 , the Company had $65.7 million available under the current authorizations. The Company may repurchase its common
stock from time to time in compliance with the SEC’s regulations and other legal requirements, including through the use of derivative transactions, and subject to
market conditions and other factors. The share repurchase program does not require the Company to acquire any specific number of shares and may be terminated
by the Board of Directors at any time. In addition, the agreements governing the Company’s Senior Secured Notes and Senior Notes and the Company's Credit
Agreement contain restrictions on the ability of the Company to repurchase common stock.
The Company did not repurchase any common stock under its share repurchase program during the year ended December 31, 2015. The following table presents
repurchases under the Company's share repurchase program for the years ended December 31, 2013 and 2014:
Year Ended December 31,
2013
2014
(in thousands)
Total shares repurchased 1,116
656
Total value of shares repurchased $ 5,604
$ 2,210
During the year ended December 31, 2013, the Company also repurchased 0.1 million shares for $0.5 million from a former Board of Director member in a private
transaction pursuant to a stock purchase agreement following his resignation from the Board of Directors.
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