Equity

Stockholders’ Equity

The following is a summary of the changes in stockholders’ equity:



	Six Months Ended
	June 29, 2014			June 30, 2013
Balance, beginning of year	$	1,929,486		$	1,985,855
Comprehensive income (a)	74,205			2,193
Dividends	(36,648		)	(31,440		)
Repurchases of common stock	(277,275		)	—
Share-based compensation	15,158			6,960
Exercises of stock options	23,412			5,026
Vesting of restricted shares	(1,397		)	(41		)
Tax benefit (charge) from share-based compensation	17,338			(2,092		)
Consolidation of the Japan JV (b)	—			(2,735		)
Other	87			76
Balance, end of the period	$	1,744,366		$	1,963,802

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(a)	For the six months ended June 30, 2013, comprehensive income is inclusive of amounts attributable to noncontrolling interests consisting of $222 net losses and a $626 gain on foreign currency translation resulting from the Company’s consolidation of the Japan JV discussed further in Note 4.


(b)	For the six months ended June 30, 2013, all activity related to the consolidation of the Japan JV is attributable to the noncontrolling interest.

Repurchases of Common Stock

In January 2014, our Board of Directors authorized a new repurchase program for up to $275,000 of our common stock through the end of fiscal year 2014, when and if market conditions warrant and to the extent legally permissible. As part of the repurchase program, the Board of Directors also authorized the commencement of a modified Dutch auction tender offer to repurchase shares of our common stock for an aggregate purchase price of up to $275,000.

On February 11, 2014, the tender offer expired and on February 19, 2014, the Company repurchased 29,730 shares for an aggregate purchase price of $275,000. As a result, the repurchase program authorized in January 2014 was completed. The Company incurred costs of $2,275 in connection with the tender offer, which were recorded to treasury stock.

In August 2014, our Board of Directors authorized a new repurchase program for up to $100,000 of our common stock through the end of fiscal year 2015, when and if market conditions warrant and to the extent legally permissible.

Accumulated Other Comprehensive Loss

The following table provides a rollforward of the components of accumulated other comprehensive income (loss) attributable to The Wendy’s Company, net of tax as applicable:



	Foreign Currency Translation			Cash Flow Hedges			Pension			Total
Balance at December 29, 2013	$	(9,803	)	$	744		$	(1,278	)	$	(10,337	)
Current-period other comprehensive income (loss)	975			(2,418		)	338			(1,105		)
Balance at June 29, 2014	$	(8,828	)	$	(1,674	)	$	(940	)	$	(11,442	)

Balance at December 30, 2012	$	7,197		$	—		$	(1,216	)	$	5,981
Current-period other comprehensive loss	(12,506		)	—			(62		)	(12,568		)
Balance at June 30, 2013	$	(5,309	)	$	—		$	(1,278	)	$	(6,587	)

The cumulative gains and losses on these items are included in “Accumulated other comprehensive loss” in the condensed consolidated balance sheets.