IHOP 2015 Annual Report Download - page 94

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DineEquity, Inc. and Subsidiaries
Notes to the Consolidated Financial Statements (Continued)
74
11. Stockholders' Equity
Stock Repurchase Programs
In February 2013, the Company's Board of Directors approved a stock repurchase program authorizing the Company to
repurchase up to $100 million of DineEquity common stock (the “2013 Repurchase Program”) on an opportunistic basis from
time to time in open market transactions and in privately negotiated transactions based on business, market, applicable legal
requirements and other considerations. The 2013 Repurchase Program did not require the repurchase of a specific number of
shares and could be terminated at any time. The Company repurchased 779,278 shares of stock for $59.7 million under the
2013 Repurchase Program prior to its termination.
In October 2014, the Company's Board of Directors terminated the 2013 Repurchase Program and approved a stock
repurchase program authorizing the Company to repurchase up to $100 million of DineEquity common stock (the “2014
Repurchase Program”) under substantially the same terms as the 2013 Repurchase Program. The Company repurchased
537,311 shares of stock for $54.5 million under the 2014 Repurchase Program prior to its termination.
On October 1, 2015, the Company's Board of Directors terminated the 2014 Repurchase Program and approved a new
stock repurchase program authorizing the Company to repurchase up to $150 million of DineEquity common stock (the “2015
Repurchase Program”) under substantially the same terms as the 2014 Repurchase Program. The Company has repurchased
204,487 shares of stock for $17.5 million under the 2015 Repurchase Program and may repurchase up to an additional $132.5
million of common stock under the 2015 Repurchase Program.
Treasury Stock
Repurchases of DineEquity common stock are included in treasury stock at the cost of shares repurchased plus any
transaction costs. Treasury stock may be re-issued when vested stock options are exercised, when restricted stock awards are
granted and when restricted stock units settle in stock upon vesting. The cost of treasury stock re-issued is determined on the
first-in, first-out (“FIFO”) method. The Company re-issued 356,930 shares, 359,528 shares and 318,644 shares, respectively,
during the years ended December 31, 2015, 2014 and 2013 at a total FIFO cost of $12.9 million, $13.0 million and $11.7
million, respectively.
Dividends
During the fiscal years ended December 31, 2015, 2014 and 2013, the Company declared and paid dividends on common
stock as follows:
Year ended December 31, 2015 Declaration date Payment date
Dividends
declared per
share
Dividends
paid per
share
Total
dividends
paid(1)
(In millions)
Payment of prior year declaration......... (2) January 9, 2015 — $ 0.875 $ 16.6
First quarter........................................... February 24, 2015 April 10, 2015 $ 0.875 0.875 16.7
Second quarter ...................................... May 19, 2015 July 10, 2015 0.875 0.875 16.5
Third quarter......................................... July 30, 2015 October 9, 2015 0.875 0.875 16.4
Fourth quarter ....................................... October 1, 2015 (3) 0.92 — —
Total...................................................... $ 3.545 $ 3.50 $ 66.2
Year ended December 31, 2014
First quarter........................................... February 25, 2014 March 28, 2014 $ 0.75 $ 0.75 $ 14.3
Second quarter ...................................... May 28, 2014 June 27, 2014 0.75 0.75 14.3
Third quarter......................................... August 4, 2014 September 26, 2014 0.75 0.75 14.2
Fourth quarter ....................................... October 27, 2014 (2) 0.875 — —
Total...................................................... $ 3.125 $ 2.25 $ 42.8