SHAREHOLDERS' DEFICIT

12 Months Ended

Dec. 31, 2016

SHAREHOLDERS' DEFICIT

SHAREHOLDERS' DEFICIT

8.     SHAREHOLDERS' DEFICIT

Dividends

On February 20, 2015, our Board of Directors declared a quarterly dividend of $0.25 per share of common stock to stockholders of record as of the close of business on March 12, 2015. This dividend was paid on March 31, 2015. On April 24, 2015, our Board of Directors declared a quarterly dividend of $0.25 per share of common stock to stockholders of record as of the close of business on June 12, 2015. This dividend was paid on June 30, 2015. On July 24, 2015, our Board of Directors declared a quarterly dividend of $0.25 per share of common stock to stockholders of record as of the close of business on September 10, 2015. This dividend was paid to our stockholders on September 30, 2015. During the year ended December 31, 2015, we paid an aggregate of $87.3 million in dividends. Unvested RSAs and certain unvested RSUs as of the record date are also entitled to dividends, which will only be paid when the RSAs and such RSUs vest and are released. For further information on the impact of the cash dividend payments on the 2023 Notes, refer to Note 7, "Debt".

On October 16, 2014, our Board of Directors declared a quarterly dividend of $0.25 per share of common stock to stockholders of record as of the close of business on November 25, 2014. This dividend was paid on December 31, 2014. On July 25, 2014, our Board of Directors declared a quarterly dividend of $0.25 per share of common stock to stockholders of record as of the close of business on August 28, 2014. This dividend was paid on September 18, 2014.

Share Repurchase Program

On October 28, 2015, we announced the 2016 Share Repurchase Program. As a component of the Share Repurchase Program, on October 30, 2015, we commenced a "modified Dutch auction" tender offer (the "October 2015 TO") to purchase up to $75 million of our common stock, at a price per share of not less than $8.50 and not greater than $9.25, which will be contingent upon satisfaction of customary conditions. The October 2015 TO expired on December 1, 2015. The following table shows our share repurchase activity and related information on the October 2015 TO:

(In thousands except per share data)
Purchase period end date	December 2015
Shares repurchased and retired	2,576
Amount	$ 24,641
Average price per share	$ 9.56

Additionally, as part of the 2016 Share Repurchase Program, we repurchased shares of its common stock in the open market, which were retired upon repurchase, during the periods presented as follows:

	December 31,
(In thousands except per share data)	2016		2015
Shares repurchased and retired		7,201		100
Amount	$	78,095	$	995
Average price per share	$	10.84	$	9.95