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Repurchases
Repurchased shares become a part of treasury stock. The shares tendered for tax withholding on vesting of restricted stock
awards do not impact the repurchase program approved by our Board. The following tables present a summary of our 2015
authorized stock repurchase balance and repurchases made during the past three years:
Dollars in thousands Board Authorization
Authorized repurchase - as of January 1, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 163,655
Additional board authorization. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250,000
Proceeds from the exercise of stock options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,552
Repurchase of common stock from open market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (159,800)
Authorized repurchase - as of December 31, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 256,407
Repurchases made in the year ended December 31,
Number of Shares
Repurchased
Average Price per Share
(in dollars)
Total Purchase Price
(in thousands)
2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,514,139 $ 63.56 $ 159,800
2014
Tender offer(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,291,701 $ 70.07 370,789
Open market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,633,526 $ 64.77 170,582
Total 2014. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,925,227 $ 68.31 541,371
2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,306,433 $ 58.98 195,004
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,745,799 $ 65.20 $ 896,175
(1) Fees and expenses totaling $3.7 million associated with the tender offer do not impact the repurchase program approved by our Board, are excluded from
the total purchase price shown here and were recorded as part of the cost of treasury stock in our Consolidated Balance Sheets.
Note 10: Share-Based Payments
We currently grant share-based awards to our employees, non-employee directors and consultants under our 2011 Incentive
Plan (the “Plan”). The Plan permits the granting of stock options, restricted stock, restricted stock units, and performance-based
restricted stock.
The following is the summary of grant information:
Shares in thousands December 31, 2015
Unissued common stock reserved for issuance under all plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,034
Shares available for future grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 979
Certain information regarding our share-based payments is as follows:
Year Ended December 31,
Dollars in thousands except per share data 2015 2014 2013
Share-based payments expense:
Share-based compensation - stock options . . . . . . . . . . . . . . . . . . . . . . . $ 293 $ 803 $ 1,566
Share-based compensation - restricted stock . . . . . . . . . . . . . . . . . . . . . 12,102 11,214 10,504
Share-based payments for content arrangements . . . . . . . . . . . . . . . . . . 4,982 1,367 4,761
Total share-based payments expense . . . . . . . . . . . . . . . . . . . . . . . . . . $ 17,377 $ 13,384 $ 16,831
Tax benefit on share-based payments expense . . . . . . . . . . . . . . . . . . . . . . . . $ 6,736 $ 5,134 $ 6,392
Per share weighted average grant date fair value of stock options granted . . $ — $ — $ 53.90
Per share weighted average grant date fair value of restricted stock granted .$ 66.67 $ 71.37 $ 53.94
Total intrinsic value of stock options exercised . . . . . . . . . . . . . . . . . . . . . . . $ 1,061 $ 3,263 $ 10,567
Grant date fair value of restricted stock vested. . . . . . . . . . . . . . . . . . . . . . . . $ 12,631 $ 13,036 $ 12,641
80