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Equity
 6 Months Ended
Jun. 30, 2012
Stockholders' Equity Note [Abstract]  
Equity
Equity

Changes to equity during the six months ended June 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
 
735,195

 
14,195

 
749,390

Other comprehensive income (loss)
 
(72,298
)
 
400

 
(71,898
)
Dividends
 
(259,403
)
 
—

 
(259,403
)
Distributions to noncontrolling interest holders
 
—

 
(28,944
)
 
(28,944
)
Contribution from joint venture partner
 
—

 
3,000

 
3,000

Equity-based compensation
 
15,862

 
1,629

 
17,491

Excess tax benefit attributable to equity-based compensation
 
4,762

 
—

 
4,762

Purchase of treasury stock (1)
 
(198,667
)
 
—

 
(198,667
)
Net prepayment related to structured share repurchase arrangement
 
(100,000
)
 
—

 
(100,000
)
Purchase of HEP units for restricted grants
 
—

 
(4,006
)
 
(4,006
)
Balance at June 30, 2012
 
$
5,329,461

 
$
618,164

 
$
5,947,625

 
(1)
Includes 305,037 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 June 30, 2012, we have repurchased 6,351,498 shares at a cost of $189.8 million under these stock repurchase programs.

In connection with these stock repurchase programs, we entered into a structured share repurchase arrangement with a financial institution in May 2012. Under the arrangement, we have provided an up-front cash payment of $100.0 million and depending on market conditions, will receive either shares of our common stock or cash at the expiration of the agreement. This prepayment is currently recorded as a component of additional capital in our consolidated balance sheets.