| Schedule of Repurchase Agreements |
The following table summarizes our share repurchase activity for the years ended:
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December 31, 2014 |
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December 31, 2013 |
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Share Repurchase Type
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Shares |
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Amount |
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Shares |
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Amount |
Open Market and Privately Negotiated Repurchases (a) |
422,965,443 |
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$ |
1,426,428 |
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476,545,601 |
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$ |
1,602,360 |
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Liberty Media (b) |
92,888,561 |
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340,000 |
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43,712,265 |
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160,000 |
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May 2014 ASR Agreement (c) |
151,846,125 |
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506,404 |
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— |
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— |
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August 2014 ASR Agreement (d) |
71,316,503 |
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250,000 |
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— |
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— |
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Total Repurchases |
739,016,632 |
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$ |
2,522,832 |
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520,257,866 |
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$ |
1,762,360 |
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(a) |
As of December 31, 2014 and 2013, $26,034 and $0, respectively, 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' 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. Pursuant to this agreement, we repurchased 43,712,265 shares of our common stock for $160,000 from Liberty Media in 2013. On April 25, 2014, we completed the final purchase installment and repurchased 92,888,561 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 and $20,393 to Loss on change in value of derivatives in our consolidated statements of comprehensive income during the years ended December 31, 2014 and 2013, respectively.
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(c) |
In May 2014, we entered into an accelerated share repurchase agreement (the "May ASR Agreement") under which we prepaid $600,000 to a third-party financial institution to repurchase our common stock. Under the May ASR Agreement, we received 151,846,125 shares of our common stock that were retired upon receipt and the counter party returned to us $93,596 for the unused portion of the original prepayment.
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(d) |
In August 2014, we entered into a second accelerated share repurchase agreement (the "August ASR Agreement") under which we prepaid $250,000 to a third-party financial institution to repurchase our common stock. Under the August ASR Agreement, we received an aggregate of 71,316,503 shares of our common stock that were retired upon receipt.
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