Stockholders' Equity

Stock Repurchase Programs

On October 1, 2015, the Company's Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to $150 million of DineEquity common stock (the “2015 Repurchase Program”) on an opportunistic basis from time to time in open market transactions and in privately negotiated transactions based on business, market, applicable legal requirements and other considerations. The Company has repurchased 854,871 shares of stock for $72.9 million under the 2015 Repurchase Program. The Company may repurchase up to an additional $77.1 million of common stock under the 2015 Repurchase Program.

In October 2014, the Company's Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to $100 million of DineEquity common stock (the “2014 Repurchase Program”). The 2014 Repurchase Program was terminated upon approval of the 2015 Repurchase Program. The Company repurchased 537,311 shares of stock for $54.5 million under the 2014 Repurchase Program prior to its termination.

In February 2013, the Company's Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to $100 million of DineEquity common stock (the “2013 Repurchase Program”). The 2013 Repurchase Program was terminated upon approval of the 2014 Repurchase Program.The Company repurchased 779,278 shares of stock for $59.7 million under the 2013 Repurchase Program prior to its termination.

Shares repurchased under the Company's stock repurchase programs during the fiscal years ended December 31, 2016, 2015 and 2014 are summarized as follows:



	2016 repurchases			2015 repurchases			2014 repurchases			Remaining Value that may be Repurchased
Repurchase Program	Shares	$		Shares	$		Shares	$		Remaining Value that may be Repurchased
	(Dollars in millions)
2015 Repurchase Program	650,384	$	55.3	204,487	$	17.5	—	$	—	$	77.1
2014 Repurchase Program	—	—		516,976	52.5		20,335	2.0		n/a
2013 Repurchase Program	—	—		—	—		367,256	30.0		n/a
Total	650,384	$	55.3	721,463	$	70.0	387,591	$	32.0	$	77.1

Dividends

During the fiscal years ended December 31, 2016, 2015 and 2014, the Company declared and paid dividends on common stock as follows:



Year ended December 31, 2016	Declaration Date	Payment Date	Dividends declared per share		Dividends paid per share		Total dividends paid⁽¹⁾
							(In millions)
Payment of prior year declaration	(3)	January 8, 2016	—		$	0.92	$	17.1
First quarter	February 23, 2016	April 8, 2016	$	0.92	0.92		17.0
Second quarter	May 16, 2016	July 8, 2016	0.92		0.92		16.8
Third quarter	July 28, 2016	October 7, 2016	0.92		0.92		16.7
Fourth quarter	October 31, 2016	(2)	0.97		—		—
Total			$	3.73	$	3.68	$	67.6



Year ended December 31, 2015
Payment of prior year declaration	(4)	January 9, 2015	—		$	0.875	$	16.6
First quarter	February 24, 2015	April 10, 2015	$	0.875	0.875		16.7
Second quarter	May 19, 2015	July 10, 2015	0.875		0.875		16.6
Third quarter	July 30, 2015	October 9, 2015	0.875		0.875		16.4
Fourth quarter	October 1, 2015	(3)	0.92		—		—
Total			$3.545		$	3.50	$	66.3



Year ended December 31, 2014
First quarter	February 25, 2014	March 28, 2014	$	0.75	$	0.75	$	14.3
Second quarter	May 28, 2014	June 27, 2014	0.75		0.75		14.3
Third quarter	August 4, 2014	September 26, 2014	0.75		0.75		14.2
Fourth quarter	October 27, 2014	(4)	0.875		—		—
Total			$	3.125	$	2.25	$	42.8

___________________________________________________

^{(1) Includes dividend equivalents paid on restricted stock units}

^{(2) The fourth quarter 2016 dividend of}^{$17.5 million}^{was paid on January 6, 2017.}

^{(3) The fourth quarter 2015 dividend of}^{$17.1 million}^{was paid on January 8, 2016.}

^{(4) The fourth quarter 2014 dividend of}^{$16.6 million}^{was paid on January 9, 2015.}

On February 22, 2017, the Company's Board of Directors approved payment of a cash dividend of $0.97 per share of common stock, payable at the close of business on April 7, 2017 to the stockholders of record as of the close of business on March 20, 2017.