Stockholders’ Equity

Common Equity

As of June 30, 2018, our common equity consisted of our Class P common stock. For additional information regarding our Class P common stock, see Note 11 to our consolidated financial statements included in our 2017 Form 10-K.

On July 19, 2017, our board of directors approved a $2 billion common share buy-back program that began in December 2017. During the six months ended June 30, 2018, we repurchased approximately 13 million of our Class P shares for approximately $250 million.

KMI Common Stock Dividends

Holders of our common stock participate in any dividend declared by our board of directors, subject to the rights of the holders of any outstanding preferred stock. The following table provides information about our per share dividends:



	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
Per common share cash dividend declared for the period	$	0.20	$	0.125	$	0.40	$	0.25
Per common share cash dividend paid in the period	$	0.20	$	0.125	$	0.325	$	0.25

On July 18, 2018, our board of directors declared a cash dividend of $0.20 per common share for the quarterly period ended June 30, 2018, which is payable on August 15, 2018 to common shareholders of record as of the close of business on July 31, 2018.

Mandatory Convertible Preferred Stock

We have issued and outstanding 1,600,000 shares of 9.750% Series A mandatory convertible preferred stock, with a liquidating preference of $1,000 per share that, unless converted earlier at the option of the holders, will automatically convert into common stock on October 26, 2018. For additional information regarding our mandatory convertible preferred stock, see Note 11 to our consolidated financial statements included in our 2017 Form 10-K.

Preferred Stock Dividends

On April 18, 2018, our board of directors declared a cash dividend of $24.375 per share of our mandatory convertible preferred stock (equivalent of $1.21875 per depositary share) for the period from and including April 26, 2018 through and including July 25, 2018, which is payable on July 26, 2018 to mandatory convertible preferred shareholders of record as of the close of business on July 11, 2018.

Noncontrolling Interests

KML Distributions

KML has a dividend policy pursuant to which it may pay a quarterly dividend on its restricted voting shares in an amount based on a portion of its DCF. For additional information regarding our KML distributions, see Note 11 to our consolidated financial statements included in our 2017 Form 10-K.

During the three and six months ended June 30, 2018, KML paid dividends on its Restricted Voting Shares to the public valued at$13 million and $26 million, respectively, of which $8 million and $18 million, respectively, were paid in cash. The remaining values of $5 million and $8 million for the three and six months ended June 30, 2018, respectively, were paid in 362,158 and 656,555 KML Restricted Voting Shares, respectively. KML also paid dividends to the public on its Series 1 and Series 3 Preferred Shares of $6 million and $10 million for the three and six months ended June 30, 2018, respectively.