| Schedule of repurchase agreements |
The following table summarizes our total share repurchase activity for the years ended:
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December 31, 2016 |
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December 31, 2015 |
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December 31, 2014 |
Share Repurchase Type |
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Shares |
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Amount |
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Shares |
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Amount |
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Shares |
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Amount |
Open Market (a)
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420,111 |
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$ |
1,672,697 |
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524,222 |
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$ |
2,015,947 |
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422,965 |
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$ |
1,426,428 |
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Liberty Media (b)
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— |
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— |
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— |
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— |
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92,889 |
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340,000 |
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May 2014 ASR Agreement (c)
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— |
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— |
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— |
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— |
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151,846 |
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506,404 |
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August 2014 ASR Agreement (d)
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— |
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— |
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— |
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— |
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71,316 |
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250,000 |
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Total Repurchases |
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420,111 |
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$ |
1,672,697 |
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524,222 |
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$ |
2,015,947 |
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739,016 |
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$ |
2,522,832 |
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(a) |
As of December 31, 2016, $22,906 of common stock repurchases had not settled, nor been retired, and were recorded as Treasury stock within our consolidated balance sheets and consolidated statements of stockholders’ (deficit) equity.
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(b) |
On October 9, 2013, we entered into an agreement to repurchase $500,000 of our common stock from Liberty Media. In April 2014, we completed the final purchase installment and repurchased 92,889 shares of our common stock for $340,000 from Liberty Media at a price of $3.66 per share. As there were certain terms in the forward purchase contract with Liberty Media that could have caused the obligation not to be fulfilled, the instrument was classified as a liability and was marked to fair value with any gain or loss recorded to our consolidated statements of comprehensive income. We recognized $34,485 to Loss on change in value of derivatives in our consolidated statements of comprehensive income during the year ended December 31, 2014.
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(c) |
In May 2014, we entered into an accelerated share repurchase agreement (the “May 2014 ASR Agreement”) under which we prepaid $600,000 to a third-party financial institution to repurchase our common stock. Under the May 2014 ASR Agreement, we received 151,846 shares of our common stock which were retired upon receipt and the counterparty returned to us $93,596 for the unused portion of the original prepayment.
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(d) |
In August 2014, we entered into an accelerated share repurchase agreement (the “August 2014 ASR Agreement”) under which we prepaid $250,000 to a third-party financial institution to repurchase our common stock. Under the August 2014 ASR Agreement, we received an aggregate of 71,316 shares of our common stock that were retired upon receipt.
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