Equity

9 Months Ended

Sep. 30, 2015

Stockholders' Equity Note [Abstract]

Equity

Equity

Changes to equity during the nine months ended September 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	784,022			42,433			826,455
Dividends	(187,372		)	—			(187,372		)
Distributions to noncontrolling interest holders	—			(61,366		)	(61,366		)
Other comprehensive loss, net of tax	(20,727		)	(477		)	(21,204		)
Equity-based compensation	18,905			3,023			21,928
Tax attributable to equity-based compensation	(1,020		)	—			(1,020		)
Purchase of treasury stock (1)	(496,224		)	—			(496,224		)
Purchase of HEP units for restricted grants	—			(247		)	(247		)
Other	—			15			15
Balance at September 30, 2015	$	5,621,168		$	560,516		$	6,181,684

(1) Includes 3,030 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 September 30, 2015, we had remaining authorization to repurchase up to $559.0 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 (at inception), we acquired 5.5 million shares, representing 80% of the amount paid based on then-market prices. The ASR was completed in September 2015, at which time we acquired an additional 1.2 million shares upon settlement. The final market purchase price per share averaged $44.81, which was based on the volume-weighted average market purchase price of our common stock, less a discount, over the term of the ASR.