Earthlink 2014 Annual Report Download - page 86

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Table of Contents EARTHLINK HOLDINGS CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
cash dividends, loans or advances. The Company’
s assets consist solely of investments it has made in its consolidated subsidiaries, and its
operations consist solely of changes in its investment in subsidiaries and interest associated with the Notes. Based on these facts, and in
accordance with SEC Regulation S-X Rule 3-10, “
Financial statements of guarantors and issuers of guaranteed securities registered or being
registered,” the Company is not required to provide condensed consolidating financial information for the subsidiary guarantors.
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, 2014 are as follows:
11. 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, 2014 , 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 following table presents repurchases under the Company's share repurchase program for the years ended
December 31, 2012, 2013 and
2014 :
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.
77
Year Ending December 31, (in thousands)
2015
$
3,211
2016
3,172
2017
3,122
2018
3,088
2019
3,120
Thereafter
6,046
Total minimum lease payments
21,759
Less amounts representing interest
(7,337
)
Total capital lease obligations
$
14,422
Year Ended December 31,
2012
2013
2014
(in thousands)
Total shares repurchased
3,749
1,116
656
Total value of shares repurchased
$
25,415
$
5,604
2,210