Subsequent Events |
12 Months Ended |
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Dec. 31, 2015 | |
| Subsequent Events [Abstract] | |
| Subsequent Events |
15. Subsequent Events
Subsequent to December 31, 2015, Sonic’s Board of Directors authorized an additional $100.0 million to repurchase shares of Sonic’s Class A common stock, increasing Sonic’s remaining repurchase authorization to approximately $145.0 million before including the effect of any share repurchases subsequent to December 31, 2015. Subsequent to December 31, 2015, Sonic repurchased approximately 4.0 million shares of its Class A common stock for approximately $72.0 million in the open market at prevailing market prices, in two separate private transaction block trades and in connection with tax withholdings on the vesting of equity compensation awards. As of the date of this filing, Sonic’s remaining repurchase authorization was approximately $73.0 million.
Subsequent to December 31, 2015, Sonic’s Board of Directors approved a quarterly dividend of $0.05 per share payable in cash for stockholders of record on March 15, 2016. The dividend will be payable on April 15, 2016. |
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- References No definition available.
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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. No definition available.
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