Equity

Changes to equity during the six months ended June 30, 2015 are presented below:



	HollyFrontier Stockholders’ Equity			Noncontrolling Interest			Total Equity
	(In thousands)
Balance at December 31, 2014	$	5,523,584		$	577,135		$	6,100,719
Net income	587,700			28,148			615,848
Dividends	(125,192		)	—			(125,192		)
Distributions to noncontrolling interest holders	—			(41,596		)	(41,596		)
Other comprehensive loss, net of tax	(15,204		)	(319		)	(15,523		)
Equity-based compensation	12,461			1,761			14,222
Tax attributable to equity-based compensation	(113		)	—			(113		)
Purchase of treasury stock ⁽¹⁾	(380,177		)	—			(380,177		)
Purchase of HEP units for restricted grants	—			(247		)	(247		)
Other	—			14			14
Balance at June 30, 2015	$	5,603,059		$	564,896		$	6,167,955


(1)	Includes 1,215 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 May 2015, our Board of Directors approved a $1 billion share repurchase program, which replaced all existing share repurchase programs, authorizing 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 and corporate, regulatory and other relevant considerations. This program may be discontinued at any time by the Board of Directors. As of June 30, 2015, we had remaining authorization to repurchase up to $734.9 million under this stock repurchase program. In addition, we are authorized by our Board of Directors to repurchase shares in an amount sufficient to offset shares issued under our compensation programs.

During the second quarter of 2015, we entered into an accelerated share repurchase agreement (“ASR”) with a large financial institution to repurchase $300.0 million of our outstanding common stock. In May 2015, we repurchased 5.5 million shares, representing 80% of the amount paid based on then-market prices. The final number of shares ultimately to be repurchased under the ASR, as well as the final average price paid, will be based on the volume-weighted average market price of our common stock, less a discount, over the term of the ASR. The ASR is expected to be completed in the third quarter of 2015.

The initial 5.5 million shares repurchased resulted in an immediate reduction to our common shares outstanding and are included in treasury stock at a cost of $240.0 million. For the remaining shares to be repurchased, we recorded a forward contract indexed to our own common stock in the amount of $60.0 million. This forward contract met the criteria for equity classification, and therefore is recorded to additional capital.