Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Equity (Note)

v2.4.0.8
Shareholders' Equity (Note)
 9 Months Ended
Sep. 30, 2014
Stockholders' Equity Note [Abstract]  
Shareholders' Equity
SHAREHOLDERS’ EQUITY
Share Repurchase Program
On September 27, 2011, HSNi’s Board of Directors approved a share repurchase program which allowed 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 repurchases and actual number of shares repurchased depended 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. For the nine months ended September 30, 2014, HSNi acquired under the program approximately 1.0 million shares of its outstanding common stock for $55.5 million at an average price of $54.87. In July 2014, HSNi completed its 10 million share repurchase program at an aggregate cost of $451.0 million, representing an average cost of $45.10 per share. All shares were immediately retired upon purchase.
Dividend Policy
In the third quarter of 2014, HSNi's Board of Directors approved a quarterly cash dividend of $0.25 per common share. The dividend was paid on September 17, 2014 to HSNi's shareholders of record as of September 3, 2014.
In the fourth quarter of 2014, HSNi's Board of Directors approved a quarterly cash dividend of $0.35 per common share. This represents an increase of 40% or $0.10 per common share over the prior quarterly dividend. The dividend will be paid on December 17, 2014 to HSNi's shareholders of record as of December 3, 2014.

Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income (loss) includes the cumulative gains and losses of derivative instruments that qualify as cash flow hedges. The following table provides a rollforward of accumulated other comprehensive income (loss) for the nine months ended September 30, 2014 and 2013 (in thousands):

 
 
2014
 
2013
Accumulated other comprehensive income (loss) as of January 1,
 
$
354

 
$
(471
)
Other comprehensive (loss) income before reclassifications
 
(838
)
 
1,389

Amounts reclassified from accumulated other comprehensive income (loss) to interest expense in the consolidated statements of operations
 
885

 
—

Income tax expense
 
(13
)
 
(522
)
Other comprehensive income, net of tax
 
34

 
867

Accumulated other comprehensive income as of September 30,
 
$
388

 
$
396