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Stockholders' Equity | 6 Months Ended
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Jun. 30, 2015
Equity [Abstract] |
Stockholders' Equity | Stockholders' Equity The following table summarizes our common share repurchases and issuances.
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(Shares and per share amounts in actuals) |  | 2015 |  | 2014 |  | 2015 |  | 2014
Shares repurchased related to employee stock-based compensation plans(1)(2) |  | 1,374,997 |  |  | 358,771 |  |  | 2,764,093 |  |  | 358,771 |
Average purchase price per share |  | $ | 10.14 |  |  | $ | 8.62 |  |  | $ | 9.80 |  |  | $ | 8.62 |
Common shares issued(3) |  | 2,077,235 |  |  | 504,929 |  |  | 5,208,074 |  |  | 504,929 |
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(1) | Comprises shares withheld from stock option exercises and vesting of restricted stock for employees’ tax withholding obligations and shares tendered by employees to satisfy option exercise costs.
(2) | At the present time, we do not have a publicly announced repurchase plan or program.
(3) | Common shares issued under our various compensation and benefit plans.
The closing price of our common stock on June 30, 2015 was $9.87. Investment with entities that are now subsidiaries of Navient Prior to the Spin-Off, there were transactions between us and affiliates of pre-Spin-Off SLM that are now subsidiaries of Navient. As part of the carve-out, expenses of those transactions were included in our results even though the actual payments for the expenses were paid by the aforementioned affiliates. As such, amounts equal to these payments have been treated as equity contributions in the table below. Certain payments made by us to these affiliates prior to the Spin-Off transaction were treated as dividends. Net transfers (to)/from the entity that is now a subsidiary of Navient are included within Navient's subsidiary investment on the consolidated statements of changes in equity. There were no transfers (to)/from the entity that is now a subsidiary of Navient during the three or six months ended June 30, 2015. The components of the net transfers (to)/from the entity that is now a subsidiary of Navient for the three and six months ended June 30, 2014 are summarized below:
|  | Three Months Ended |  | Six Months Ended
|  | June 30, |  | June 30,
|  | 2014 |  | 2014
Capital contributions: |  |  |  |
Loan origination activities |  | $ | 7,184 |  |  | $ | 32,452 |
Loan sales |  | — |  |  | 45 |
Corporate overhead activities |  | 3,461 |  |  | 21,216 |
Other |  | 491,936 |  |  | 492,368 |
Total capital contributions |  | 502,581 |  |  | 546,081 |
Corporate push-down |  | (761 | ) |  | 4,977 |
Net change in income tax accounts |  | — |  |  | 15,659 |
Net change in receivable/payable |  | (39,655 | ) |  | (87,277 | )
Other |  | — |  |  | (31 | )
Total net transfers from the entity that is now a subsidiary of Navient |  | $ | 462,165 |  |  | $ | 479,409 |
Capital Contributions During the first four months of 2014, pre-Spin-Off SLM contributed capital to Sallie Mae Bank (the “Bank”) by funding loan origination activities, purchases of loans in excess of the loans' fair values, providing corporate overhead functions and other activities. Capital contributed for loan origination activities reflects the fact that loan origination functions were conducted by a subsidiary of pre-Spin-Off SLM (now a subsidiary of Navient). The Bank did not pay for the costs incurred by pre-Spin-Off SLM in connection with these functions. The costs eligible to be capitalized are recorded on the respective balance sheets and the costs not eligible for capitalization have been recognized as expenses in the respective statements of income. Certain general corporate overhead expenses of the Bank were incurred and paid for by pre-Spin-Off SLM. Corporate Push-Down The consolidated balance sheet of the Company includes certain assets and liabilities that historically were held at pre-Spin-Off SLM but which are specifically identifiable or otherwise allocable to the Company. The cash and cash equivalents held by pre-Spin-Off SLM at the corporate level were not allocated to the Bank for any of the periods presented. Receivable/Payable with Affiliate All significant intercompany payable/receivable balances between the Bank and pre-Spin-Off SLM are considered to be effectively settled for cash in the combined financial statements at the time the transaction is recorded.

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