Stockholders' Equity

3 Months Ended

Mar. 31, 2016

Equity [Abstract]

Stockholders' Equity

Stockholders' Equity

Dividends

During the three months ended March 31, 2016, the Company paid dividends on common stock of $17.0 million, representing the cash dividend of $0.92 per share declared in the fourth quarter of 2015. On February 23, 2016, the Company's Board of Directors declared a first quarter 2016 cash dividend of $0.92 per share of common stock. This dividend was paid on April 8, 2016 to the Company's stockholders of record at the close of business on March 18, 2016. The Company reported dividends payable of $17.0 million at March 31, 2016.

Stock Repurchase Program

In October 2015, the Company's Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to $150 million of DineEquity common stock (the “2015 Repurchase Program”) 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 2015 Repurchase Program, as approved by the Board of Directors, does not require the repurchase of a specific number of shares and can be terminated at any time. During the three months ended March 31, 2016, the Company repurchased 214,545 shares of common stock at a cost of $20.0 million under the 2015 Repurchase Program. As of March 31, 2016, the Company has repurchased a cumulative total of 419,032 shares of common stock under the 2015 Repurchase Program at a total cost of $37.5 million. As of March 31, 2016, a total of $112.5 million remains available for additional repurchases under the 2015 Repurchase Program.

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 three months ended March 31, 2016, the Company re-issued 108,679 treasury shares at a total FIFO cost of $3.9 million.