(21)	Subsequent Events

Common Stock Dividend

On February 22, 2016, our Board of Directors approved a dividend of $0.20 per share on our Class A and Class B common stock related to our fourth quarter 2015 financial results. The dividend will total approximately $5.1 million and will be paid on March 25, 2016 to shareholders of record on March 11, 2016.

Repurchases of Class A Common Stock

In 2016 to date, we have repurchased approximately 594,123 shares at a weighted average price of $79.11 per share. As of February 26, 2016, under our existing share repurchase authorization, approximately 677,364 shares remain available for purchase.

Acquisitions

On January 26, 2016, we acquired the inventory, equipment and intangible assets of Riverside Subaru in Riverside, California. We paid $3.6 million in cash for this acquisition.

On February 1, 2016, we acquired the inventory, equipment and intangible assets of Ira Toyota / Scion of Milford, Massachusetts. We paid $6.5 million in cash for this acquisition.

Litigation

On February 12, 2016, Marty A. Jessos, a Lithia shareholder, filed derivative claims on behalf of Lithia against its Board of Directors, also listing Lithia as a nominal defendant. The case,

Jessos v. DeBoer, et al.

, is pending in the Circuit Court of the State of Oregon for Multnomah County. Mr. Jessos’ claims are very similar to those made by Shiva Y. Stein in the

Stein

Litigation described in Note 7, relating to the adoption of the transition agreement between Lithia and Sidney B. DeBoer. Mr. Jessos alleges that Lithia's directors breached their fiduciary duties of loyalty and due care, and wasted corporate assets, when they approved the agreement with Sidney B. DeBoer. Mr. Jessos also alleges a claim against Sidney B. DeBoer, asserting that he has been unjustly enriched by the agreement. Mr. Jessos is seeking relief in the amount of damages allegedly sustained by Lithia as a result of the alleged breaches of fiduciary duty and alleged corporate waste, disgorgement and imposition of a constructive trust on all property and profits Sidney B. DeBoer received as a result of the alleged wrongful conduct, and an award of the costs and disbursements of the lawsuit, including reasonable attorneys fees, costs, and expenses. The Board and Mr. DeBoer are defending themselves against Mr. Jessos’s allegations. Although we do not anticipate that the resolution of this legal proceeding will have a material adverse effect on our business, results of operations, financial condition, or cash flows, we cannot predict this with certainty.