Capital Stock

Dividends

The Company declared and paid cash dividends per share during the periods presented below:



2017:	Dividends per share		Amount (in thousands)
1st quarter	$	—	$	—
2nd quarter	0.35		8,563
3rd quarter	0.35		8,200
4th quarter	0.35		7,606
Total cash dividends declared and paid	$	1.05	$	24,369

Future dividend declarations will be subject to ongoing Board review and authorization will be based on a number of factors, including business and market conditions, the Company’s future financial performance and other capital priorities.

Share Repurchase Program

During April 2017, the Board of Directors of Arch Coal, Inc. authorized a new share repurchase program for up to $300 million of its common stock. In October 2017, the Company’s Board of Directors approved an incremental $200 million increase to the share repurchase program bringing the total authorization to $500 million. Below is a table showing the share repurchase activity in 2017:



2017:	Number of Shares	Average Repurchase Price per Share		Amount (in thousands)
1st quarter	—	$	—	$	—
2nd quarter	710,701	$	71.82	51,043
3rd quarter	2,208,133	$	75.49	166,685
4th quarter	1,058,381	$	79.73	84,381
Total shares repurchased	3,977,215	$	75.96	$	302,109

The timing of any future share repurchases, and the ultimate number of shares purchased, will depend on a number of factors, including business and market conditions, the Company’s future financial performance and other capital priorities. The shares will be acquired in the open market or through private transactions in accordance with the Securities and Exchange Commission requirements. The share repurchase program has no termination date, but may be amended, suspended or discontinued at any time and does not commit the Company to repurchase shares of its common stock. The actual number and value of the shares to be purchased will depend on the performance of the Company’s stock price and other market conditions.

Outstanding Warrants

During 2017, holders of warrants had exercised 65,499 of the warrants, leaving 1,846,158 warrants outstanding at December 31, 2017.

As provided in ASC 825-20, “Financial Instruments,” the warrants are considered equity because they can only be physically settled in Company shares, can be settled in unregistered shares, the Company has adequate authorized shares to settle the outstanding warrants and each warrant is fixed in terms of settlement to one share of Company stock subject only to remote contingency adjustment factors designed to assure the relative value in terms of shares remains fixed.