Equity

9 Months Ended

Sep. 30, 2012

Stockholders' Equity Note [Abstract]

Equity

Equity

Changes to equity during the nine months ended September 30, 2012 are presented below:

	HollyFrontier Stockholders’ Equity			Noncontrolling Interest			Total Equity
	(In thousands)
Balance at December 31, 2011	$	5,204,010		$	631,890		$	5,835,900
Net income	1,335,568			24,472			1,360,040
Other comprehensive income (loss)	(140,394		)	529			(139,865		)
Dividends	(494,107		)	—			(494,107		)
Distributions to noncontrolling interest holders	—			(43,749		)	(43,749		)
Allocated equity on HEP unit issuances	11,469			(18,763		)	(7,294		)
Contribution from joint venture partner	—			3,000			3,000
Equity-based compensation	23,166			2,233			25,399
Excess tax benefit attributable to equity-based compensation	16,020			—			16,020
Purchase of treasury stock (1)	(200,076		)	—			(200,076		)
Net proceeds received under structured share repurchase arrangement	8,620			—			8,620
Purchase of HEP units for restricted grants	—			(4,392		)	(4,392		)
Balance at September 30, 2012	$	5,764,276		$	595,220		$	6,359,496

(1) Includes 329,631 shares withheld under the terms of stock-based compensation agreements to provide funds for the payment of payroll and income taxes due at the vesting of share-based awards.

In January 2012, our Board of Directors approved a $350 million stock repurchase program, and in June 2012, approved an additional $350 million repurchase program that authorizes us to repurchase common stock in the open market or through privately negotiated transactions. The timing and amount of stock repurchases will depend on market conditions, corporate, regulatory and other relevant considerations. These programs may be discontinued at any time by the Board of Directors. As of September 30, 2012, we have repurchased 6,351,498 shares at a cost of $189.8 million under these stock repurchase programs.

In May 2012, we entered into a structured share repurchase arrangement with a financial institution under which we provided an up-front cash payment of $100.0 million and, depending on market conditions, would either receive shares of our common stock or cash at the expiration of the agreement. The agreement expired in September 2012 at which time we received our up-front payment plus an additional $8.6 million in cash that was recorded as additional capital.