HollyFrontier 2015 Annual Report Download - page 89

Table of Contents HOLLYFRONTIER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Continued
81
At December 31, 2015, we had a Kansas income tax credit of $6.6 million that is scheduled to be utilized in 2016 through 2019.
This amount is reflected in non-current deferred tax assets.
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
Years Ended December 31,
2014 2013
(In thousands)
Balance at January 1 $ 9,006 $ 12,641
Additions for tax positions of prior years — 25,728
Reductions for tax positions of prior years — (5,092)
Settlements (9,006)(24,271)
Balance at December 31 $ — $ 9,006
We had no unrecognized tax benefits at December 31, 2015 and 2014. We recognize interest and penalties relating to liabilities
for unrecognized tax benefits as an element of tax expense.
We are subject to U.S. federal income tax, Oklahoma, Kansas, New Mexico, Iowa, Arizona, Utah, Colorado and Nebraska income
tax and to income tax of multiple other state jurisdictions. We have substantially concluded all state and local income tax matters
for tax years through 2012 and have materially concluded all U.S. federal income tax matters for tax years through December 31,
2013.
NOTE 14: Stockholders' Equity
Shares of our common stock outstanding and activity for the years ended December 31, 2015, 2014 and 2013 are presented below:
Years Ended December 31,
2015 2014 2013
Common shares outstanding at January 1 196,086,090 198,830,351 203,551,496
Issuance of restricted stock, excluding restricted stock with
performance feature 447,534 376,622 292,855
Vesting of performance units 136,896 416,111 210,819
Vesting of restricted stock with performance feature 43,774 77,430 15,141
Forfeitures of restricted stock (51,332)(76,107)(15,794)
Purchase of treasury stock (1) (16,428,574)(3,538,317)(5,224,166)
Common shares outstanding at December 31 180,234,388 196,086,090 198,830,351
(1) Includes 151,967, 279,680 and 235,922 shares, respectively, withheld under the terms of stock-based compensation agreements to
provide funds for the payment of payroll and income taxes due at the vesting of share-based awards, as well as other stock repurchases
under separate authority from our Board of Directors.
In May 2015, our Board of Directors approved a $1 billion share repurchase program, which replaced all existing share repurchase
programs, authorizing us to repurchase common stock in the open market or through privately negotiated transactions. The timing
and amount of stock repurchases will depend on market conditions and corporate, regulatory and other relevant considerations.
This program may be discontinued at any time by the Board of Directors. As of December 31, 2015, we had remaining authorization
to repurchase up to $308.2 million under this stock repurchase program. In addition, we are authorized by our Board of Directors
to repurchase shares in an amount sufficient to offset shares issued under our compensation programs.
During the years ended December 31, 2015, 2014 and 2013, we withheld shares of our common stock from certain employees in
the amounts of $6.2 million, $11.4 million and $11.3 million, respectively. These withholdings were made under the terms of
restricted stock and performance share unit agreements upon vesting, at which time, we concurrently made cash payments to fund
payroll and income taxes on behalf of officers and employees who elected to have shares withheld from vested amounts to pay
such taxes.