SHAREHOLDERS' EQUITY

3 Months Ended

Mar. 25, 2016

Equity [Abstract]

SHAREHOLDERS' EQUITY

11. SHAREHOLDERS’ EQUITY

Marriott Vacations Worldwide has 100,000,000 authorized shares of common stock, par value of $0.01 per share. At March 25, 2016, there were 36,564,810 shares of Marriott Vacations Worldwide common stock issued, of which 28,393,572 shares were outstanding and 8,171,238 shares were held as treasury stock. At January 1, 2016, there were 36,393,800 shares of Marriott Vacations Worldwide common stock issued, of which 29,549,544 shares were outstanding and 6,844,256 shares were held as treasury stock. Marriott Vacations Worldwide has 2,000,000 authorized shares of preferred stock, par value of $0.01 per share, none of which were issued or outstanding as of March 25, 2016 or January 1, 2016.

The following table details changes in shareholders’ equity during the twelve weeks ended March 25, 2016:

($ in thousands)	Common     Stock		Treasury       Stock		Additional       Paid-In Capital		Accumulated Other Comprehensive Income		Retained       Earnings		Total Equity
Balance at January 1, 2016	$	364	$	(429,990)	$	1,150,731	$	11,381	$	243,781	$	976,267
Net income		—		—		—		—		24,408		24,408
Foreign currency translation adjustments		—		—		—		1,147		—		1,147
Derivative instruments adjustment		—		—		—		409		—		409
Amounts related to share-based compensation		2		—		(1,289)		—		—		(1,287)
Repurchase of common stock		—		(73,228)		—		—		—		(73,228)
Dividends		—		—		—		—		(8,690)		(8,690)
Balance at March 25, 2016	$	366	$	(503,218)	$	1,149,442	$	12,937	$	259,499	$	919,026

Share Repurchase Program

The following table summarizes share repurchase activity under our current share repurchase program:

($ in thousands, except per share amounts)	Number of Shares      Repurchased		Cost of Shares     Repurchased		Average     Price Paid     per Share
As of January 1, 2016		6,854,083	$	430,609	$	62.83
For the twelve weeks ended March 25, 2016		1,326,982		73,228		55.18
As of March 25, 2016		8,181,065	$	503,837	$	61.59

On February 11, 2016, our Board of Directors approved the repurchase of up to an additional 2,000,000 shares of our common stock under our existing share repurchase program through March 24, 2017. Prior to that authorization, our Board of Directors had authorized the repurchase of an aggregate of up to 8,900,000 shares of our common stock under the share repurchase program since the initiation of the program in October 2013. As of March 25, 2016, 2.7 million shares remained available for repurchase under the authorization approved by our Board of Directors.

Dividends

We declared cash dividends to holders of common stock during the quarter ended March 25, 2016 as follows:

Declaration Date	Shareholder Record Date	Distribution Date	Dividend per Share
February 11, 2016	February 25, 2016	March 10, 2016	$ 0.30

Any future dividend payments will be subject to Board approval, and there can be no assurance that we will pay dividends in the future.