Shareholders' Deficit

9 Months Ended

Sep. 30, 2015

Shareholders' Deficit

Shareholders' Deficit

8. Shareholders’ Deficit

For the nine months ended September 30, 2015, options to purchase 111,156 shares of our common stock were exercised at a weighted-average exercise price of $13.75 per share, for total cash proceeds of approximately $1.5 million. For the nine months ended September 30, 2014, options to purchase 1,127,000 shares of our common stock were exercised at a weighted-average exercise price of $14.09 per share, for total cash proceeds of approximately $15.9 million.

During the nine months ended September 30, 2015, GSK purchased 424,081 shares of our common stock pursuant to its periodic “top-up” rights under our Amended and Restated Governance Agreement, dated as of June 4, 2004, as amended, among us, GSK and certain GSK affiliates (the “Governance Agreement”), for an aggregate purchase price of approximately $6.5 million. GSK’s periodic “top-up” rights terminated with the expiration of the Governance Agreement in September 2015.

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 three and nine months ended September 30, 2015, we paid an aggregate of $29.1 million and $87.1 million in dividends, respectively. 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, “Long-Term Debt”.