Quarterly report pursuant to Section 13 or 15(d)

SHAREHOLDERS' EQUITY

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SHAREHOLDERS' EQUITY
 9 Months Ended
Jun. 30, 2012
SHAREHOLDERS' EQUITY

NOTE 12—SHAREHOLDERS’ EQUITY

Share Repurchase Program

On September 27, 2011, HSNi’s Board of Directors approved a share repurchase program which allows HSNi to purchase 10 million shares of its common stock from time to time through privately negotiated and/or open market transactions. The timing of any repurchases and actual number of shares repurchased will depend on a variety of factors, including the stock price, corporate and regulatory requirements, restrictions under HSNi’s debt obligations and other market and economic conditions. The repurchase program may be suspended or discontinued by HSNi at any time. For the three months ended June 30, 2012, HSNi acquired under the program approximately 2.8 million shares of our outstanding common stock for $104.4 million at an average price of $37.80 per share, which were immediately retired upon purchase. As of June 30, 2012, approximately 5.3 million shares remained authorized for repurchase under the program.

Dividend Policy

Effective May 1, 2012, HSNi’s Board of Directors approved a cash dividend of $0.125 per common share. The dividend was paid on June 20, 2012 to HSNi’s record holders as of June 6, 2012.

Effective August 1, 2012, HSNi’s Board of Directors approved a cash dividend of $0.125 per common share. The dividend will be paid on September 19, 2012 to HSNi’s record holders as of September 5, 2012.