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Shareholders' Equity (Note)
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3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2015
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| Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shareholders' Equity |
SHAREHOLDERS’ EQUITY
Share Repurchase Program
Effective 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. During the three months ended March 31, 2014, HSNi acquired approximately 27,000 shares of its outstanding common stock for $1.5 million at an average price of $54.10. In July 2014, HSNi completed this share repurchase program at an aggregate cost of $451.0 million, representing an average cost of $45.10 per share. All shares were retired immediately following purchase.
Effective January 27, 2015, HSNi’s Board of Directors approved a new share repurchase program which allows HSNi to purchase up to 4 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 depends 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. During the three months ended March 31, 2015, HSNi acquired approximately 118,000 shares of its outstanding common stock for $7.9 million at an average price of $66.70. All shares were retired immediately following purchase.
Dividend Policy
Effective January 27, 2015, HSNi's Board of Directors approved a special cash dividend of $10.00 per common share resulting in a payment of $524.3 million on February 19, 2015 to HSNi shareholders of record as of February 9, 2015. The special cash dividend was part of a leveraged recapitalization transaction. The special cash dividend was financed through a combination of existing cash and proceeds from the debt financing disclosed in Note 6-Long-Term Debt that was completed during the three months ended March 31, 2015.
In the first quarter of 2015, HSNi's Board of Directors approved a quarterly cash dividend of $0.35 per common share resulting in a payment of $18.4 million on March 25, 2015 to HSNi's shareholders of record as of March 11, 2015. In the first quarter of 2014, HSNi's Board of Directors approved a quarterly cash dividend of $0.25 per common share resulting in a payment of $13.3 million on March 19, 2014 to HSNi's shareholders of record as of March 5, 2014.
In the second quarter of 2015, HSNi's Board of Directors approved a quarterly cash dividend of $0.35 per common share. The dividend will be paid on June 17, 2015 to HSNi's shareholders of record as of June 3, 2015.
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 three months ended March 31, 2015 and 2014 (in thousands):
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