Stockholders' Equity

9 Months Ended

Sep. 30, 2014

Equity [Abstract]

Stockholders' Equity

Stockholders' Equity

Dividends

During the nine months ended September 30, 2014, the Company declared and paid quarterly dividends as follows:

Nine months ended September 30, 2014	Declaration date	Payment date	Dividend per share		Total(1)
					(In millions)
First quarter	February 25, 2014	March 28, 2014	$	0.75	$	14.3
Second quarter	May 28, 2014	June 27, 2014	0.75		14.3
Third quarter	August 4, 2014	September 26, 2014	0.75		14.2
Total			$	2.25	$	42.8

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

See Note 13, Subsequent Events, regarding declaration of a fourth quarter 2014 dividend.

Stock Repurchase Program

In February 2013, the Company's Board of Directors approved a stock repurchase authorization of up to $100 million of DineEquity common stock. Under this program, the Company may repurchase shares 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 repurchase program does not require the repurchase of a specific number of shares and may be terminated at any time. During the nine months ended September 30, 2014, the Company repurchased 367,256 shares of common stock at a cost of $30.0 million. As of September 30, 2014, the Company has repurchased a cumulative total of 779,278 shares of common stock under the current Board authorization at a total cost of $59.7 million. The Company may repurchase up to an additional $40.3 million of common stock under the current Board authorization.

See Note 13, Subsequent Events, regarding modification of the stock repurchase authorization.

Treasury Stock

Repurchases of DineEquity common stock are included in treasury stock at the cost of shares repurchased plus any transaction costs. Treasury stock may be re-issued when stock options are exercised, when restricted stock awards are granted and when restricted stock units settle in stock upon vesting. The cost of treasury stock re-issued is determined using the first-in, first-out (“FIFO”) method. During the nine months ended September 30, 2014, the Company re-issued 331,350 treasury shares at a total FIFO cost of $12.0 million.