NOTE 12: Equity

Changes to equity during the nine months ended September 30, 2011 are presented below:


	HollyFrontier Stockholders' Equity			Noncontrolling Interest			Total Equity
	(In thousands)
Balance at December 31, 2010	$	697,419		$	590,720		$	1,288,139
Net income		800,017			23,838			823,855
Dividends		(139,472	)		—			(139,472	)
Distributions to noncontrolling interest holders		—			(37,929	)		(37,929	)
Other comprehensive income		13,546			1,737			15,283
Contribution from joint venture partner		—			27,500			27,500
Common stock issued in connection with Frontier merger		3,707,076			—			3,707,076
Equity based compensation		13,900			1,635			15,535
Excess tax benefit on equity based compensation arrangements		1,399			—			1,399
Purchase of HEP units for restricted grants		—			(1,641	)		(1,641	)
Purchase of treasury stock ⁽¹⁾		(38,955	)		—			(38,955	)


Balance at September 30, 2011	$	5,054,930		$	605,860			$5,660,790

(1)	Includes 723,274 shares purchased under the terms of restricted stock agreements to provide funds for the payment of payroll and income taxes due at vesting of restricted stock.

On August 3, 2011, our Board of Directors declared a two-for-one stock split, payable in the form of a common stock dividend for each issued and outstanding share of our common stock. The stock dividend was paid August 31, 2011 to all shareholders of record on August 24, 2011. We have retained the current par value of $0.01 per share for all shares of our common stock and have reclassified $763,000 (the amount equal to the par value of the additional stock issued) from additional capital to common stock to reflect this stock split at December 31, 2010. All references to share and per share amounts in these consolidated financial statements and related disclosures have been adjusted to reflect the effect of the stock split for all periods presented.

In September 2011, our Board of Directors approved a stock repurchase authorization of up to $100 million 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. The stock repurchase program may be discontinued at any time by the Board of Directors. As of September 30, 2011, we have repurchased 460,600 shares at a cost of $14.5 million under this stock repurchase program.

During the nine months ended September 30, 2011, we repurchased 723,274 shares of our common stock at market price from certain executives and employees costing $24.4 million. These purchases were made under the terms of restricted stock and performance share unit agreements to provide funds for the payment of payroll and income taxes due at the vesting of restricted and performance shares in the case of officers and employees who did not elect to satisfy such taxes by other means.