Stockholders' Equity |
12 Months Ended |
|---|---|
Dec. 31, 2016 | |
| Stockholders' Equity | Ìý |
| Stockholders' Equity |
(12)Stockholders' Equity Ìý Preferred Stock Ìý ÎçҹѰ»¨'s preferred stock is issuable, from time to time, with such designations, preferences and relative participating, optional or other rights, qualifications, limitations or restrictions thereof, as shall be stated and expressed in a resolution or resolutions providing for the issue of such preferred stock adopted by ÎçҹѰ»¨'s board of directors.ÌýÌýAs of DecemberÌý31, 2016, Ìýno shares of preferred stock were issued. Ìý Common Stock As discussed in note 2, on April 15, 2016, the Company completed a recapitalization of its common stock into three new tracking stock groups, one designated as the ÎçҹѰ»¨ SiriusXM common stock, one designated as the ÎçҹѰ»¨ Braves common stock and one designated as the ÎçҹѰ»¨ Media common stock. As further discussed in note 2, the ÎçҹѰ»¨ Media common stock was renamed ÎçҹѰ»¨ Formula One common stock on January 24, 2017 shortly after the Second Closing. The operating results prior to the Recapitalization are attributed to ÎçҹѰ»¨ stockholders in the aggregate, and the operating results subsequent to the Recapitalization are attributed to the respective tracking stock groups. Ìý As discussed in note 1, on July 23, 2014, holders of Series A and Series B ÎçҹѰ»¨ common stock received a dividend of two shares of Series C ÎçҹѰ»¨ common stock for each share of Series A or Series B ÎçҹѰ»¨ common stock held by them as of July 7, 2014. Ìý Series A ÎçҹѰ»¨ SiriusXM, ÎçҹѰ»¨ Braves and ÎçҹѰ»¨ Formula One common stock have one vote per share, Series B ÎçҹѰ»¨ SiriusXM, ÎçҹѰ»¨ Braves and ÎçҹѰ»¨ Formula One common stock have ten votes per share and Series C ÎçҹѰ»¨ SiriusXM, ÎçҹѰ»¨ Braves and ÎçҹѰ»¨ Formula One common stock have no votes per share. Each share of Series B common stock is exchangeable at the option of the holder for one share of Series A common stock of the same group.ÌýÌýAll series of our common stock participate on an equal basis with respect to dividends and distributions. Ìý Ìý Purchases of Common Stock Ìý During the year ended December 31, 2015, the Company repurchased 9.2 million shares of Series A and Series C ÎçҹѰ»¨ common stock for aggregate cash consideration of $350 million under the authorized repurchase program. All of the foregoing shares obtained have been retired and returned to the status of authorized and available for issuance. Ìý There were no repurchases of ÎçҹѰ»¨ common stock made pursuant to the Company’s authorized repurchase program during the years ended December 31, 2014 and 2016. Ìý Dividends Declared by Subsidiary Ìý On October 26, 2016, SIRIUS XM’S board of directors declared the first quarterly dividend on SIRIUS XM common stock in the amount of $0.01 per share of common stock to stockholders of record on November 9, 2016. The dividend was paid in cash on November 30, 2016 in the amount of $48 million, of which ÎçҹѰ»¨ received $32 million. SIRIUS XM’S board of directors expects that this dividend will be the first of regular quarterly dividends, in an aggregate amount of $0.04 per share of common stock per year. On January 24, 2017, SIRIUS XM’s board of directors declared a quarterly dividend on its common stock in the amount of $0.01 per share of common stock, payable on February 28, 2017 to stockholders of record at the close of business on February 7, 2017. Ìý |