Note 11 – Equity

Share Activity

On February 25, 2016, the Company’s Board of Directors authorized a $100 million share repurchase program (the “2016 Share Repurchase Program”). Under the 2016 Share Repurchase Program, which does not have an expiration date, the Company may repurchase shares from time to time in open market transactions or in privately-negotiated transactions in accordance with applicable securities laws. The timing and the amount of any repurchases will be determined based on market conditions, legal requirements, cash flow and liquidity needs and other factors. The share repurchase program may be modified or suspended at any time at the Company’s discretion. Share repurchases, which are recorded at cost and are held in the Company’s treasury, are funded with available cash or with availability under the Credit Facility. No shares of the Company’s common stock had been repurchased under this program as of December 31, 2016. During the year ended December 31 2015, the Company repurchased 5.2 million shares of its common stock under a separate and completed share repurchase program that was established in 2014 for an aggregate purchase price of $100 million. During the year ended December 31, 2014, the Company reissued a total of 6.6 million shares of its treasury stock with a cost basis of $104.4 million in settlement of its senior convertible notes, which matured and were converted in 2014.

Comprehensive Income (Loss)

Comprehensive income (loss) is a measure of net income (loss) and other changes in equity that result from transactions other than those with shareholders. Comprehensive income (loss) consists of net income (loss), foreign currency translation adjustments, primarily from fluctuations in foreign currency exchange rates of the Company’s foreign subsidiaries with a functional currency other than the U.S. dollar, unrealized gains and losses from available-for-sale securities, net income (loss) attributable to non-controlling interests and unrealized gains and losses from interest rate swaps associated with our equity investments in the Waha JVs.

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss is composed of unrealized foreign currency gains and losses and unrealized gains and losses from certain investment activities. Unrealized foreign currency activity for the three years in the period ended December 31, 2016 is primarily related to translation gains and losses resulting from the Company’s Canadian operations. Investment activity for the year ended December 31, 2016 relates to unrealized gains and losses on interest rate swaps associated with the Waha JVs.

Accumulated other comprehensive loss activity for the periods indicated was as follows (in thousands):



	For the Years Ended December 31,
	2016									2015									2014
	Foreign Currency			Other			Total			Foreign Currency			Other			Total			Foreign Currency			Other			Total
Balance as of January 1	$	(67,063	)	$	(5,288	)	$	(72,351	)	$	(28,716	)	$	(5,288	)	$	(34,004	)	$	(7,998	)	$	(5,288	)	$	(13,286	)
Unrealized gains (losses), net of tax	2,585			3,952			6,537			(38,347		)	—			(38,347		)	(20,718		)	—			(20,718		)
Balance as of December 31	$	(64,478	)	$	(1,336	)	$	(65,814	)	$	(67,063	)	$	(5,288	)	$	(72,351	)	$	(28,716	)	$	(5,288	)	$	(34,004	)