Â鶹app

(12)ÌýÌýStockholders’ Equity

Preferred Stock

Â鶹app’s preferred stock is issuable, from time to time, with such designations, preferences and relative participating, optional or other rights, qualifications, limitations or restrictions thereof, as shall be stated and expressed in a resolution or resolutions providing for the issue of such preferred stock adopted by Â鶹app’s board of directors. As of DecemberÌý31, 2017, Ìýno shares of preferred stock were issued.

Common Stock

As discussed in noteÌý2, on AprilÌý15, 2016, the Company completed the Recapitalization of its common stock into three new tracking stock groups, one designated as the Â鶹app SiriusXM common stock, one designated as the Â鶹app Braves common stock and one designated as the Â鶹app Media common stock. As further discussed in noteÌý2, the Â鶹app Media common stock was renamed Â鶹app Formula One common stock on JanuaryÌý24, 2017 shortly after the Second Closing. The operating results prior to the Recapitalization are attributed to Â鶹app stockholders in the aggregate, and the operating results subsequent to the Recapitalization are attributed to the respective tracking stock groups.

As discussed in noteÌý1, on JulyÌý23, 2014, holders of SeriesÌýA and SeriesÌýB Â鶹app common stock received a dividend of two shares of SeriesÌýC Â鶹app common stock for each share of SeriesÌýA or SeriesÌýB Â鶹app common stock held by them as of JulyÌý7, 2014.

SeriesÌýA Â鶹app SiriusXM, Â鶹app Braves and Â鶹app Formula One common stock have one vote per share, SeriesÌýB Â鶹app SiriusXM, Â鶹app Braves and Â鶹app Formula One common stock have ten votes per share and SeriesÌýC Â鶹app SiriusXM, Â鶹app Braves and Â鶹app Formula One common stock have no votes per share except as otherwise required by Delaware law. Each share of SeriesÌýB common stock is exchangeable at the option of the holder for one share of SeriesÌýA common stock of the same group. All series of our common stock participate on an equal basis with respect to dividends and distributions.

Purchases of Common Stock

During the year ended DecemberÌý31, 2015, the Company repurchased 9.2Ìýmillion shares of SeriesÌýA and SeriesÌýC Â鶹app common stock for aggregate cash consideration of $350Ìýmillion under the authorized repurchase program. All of the foregoing shares obtained have been retired and returned to the status of authorized and available for issuance.

There were no repurchases of Â鶹app common stock made pursuant to the Company’s authorized repurchase program during the years ended DecemberÌý31, 2016 and 2017.

Dividends Declared by Subsidiary

On OctoberÌý26, 2016, SIRIUSÌýXM’S board of directors declared the first quarterly dividend on SIRIUSÌýXM common stock in the amount of $0.01 per share of common stock to stockholders of record on NovemberÌý9, 2016. The dividend was paid in cash on NovemberÌý30, 2016 in the amount of $48Ìýmillion, of which Â鶹app received $32Ìýmillion.

During the year ended DecemberÌý31, 2017, SIRIUSÌýXM declared a cash dividend each quarter, and has paid in cash an aggregate amount of $190Ìýmillion, of which Â鶹app has received $130Ìýmillion. SIRIUSÌýXM’s board of directors expects to declare regular quarterly dividends, in an aggregate annual amount of $0.044 per share of common stock. On JanuaryÌý23, 2018, SIRIUSÌýXM’s board of directors declared a quarterly dividend on its common stock in the amount of $0.011Ìýper share of common stock, payable on FebruaryÌý28, 2018 to stockholders of record at the close of business on FebruaryÌý7, 2018.