8.	CAPITAL STOCK

Net Income (Loss) per Common Share

A reconciliation of the components of basic and diluted net income (loss) per common share for the quarters and nine-month periods ended September 30, 2015, and 2014 is presented in the table below.


	For the Quarter Ended September 30,
	2015								2014
	Loss			Shares		Per Share			Loss			Shares		Per Share
	(In millions, except per share amounts)
Basic:
Loss from continuing operations	$	(5,560	)		378	$	(14.70	)	$	(1,174	)		381	$	(3.08	)
Loss from discontinued operations		(95	)		378		(0.25	)		(156	)		381		(0.42	)

Loss attributable to common stock	$	(5,655	)		378	$	(14.95	)	$	(1,330	)		381	$	(3.50	)


Effect of Dilutive Securities:
Stock options and other					—								—

Diluted:
Loss from continuing operations	$	(5,560	)		378	$	(14.70	)	$	(1,174	)		381	$	(3.08	)
Loss from discontinued operations		(95	)		378		(0.25	)		(156	)		381		(0.42	)

Loss attributable to common stock	$	(5,655	)		378	$	(14.95	)	$	(1,330	)		381	$	(3.50	)


	For the Nine Months Ended September 30,
	2015								2014
	Loss			Shares		Per Share			Loss			Shares		Per Share
	(In millions, except per share amounts)
Basic:
Loss from continuing operations	$	(14,947	)		378	$	(39.58	)	$	(73	)		387	$	(0.19	)
Loss from discontinued operations		(959	)		378		(2.54	)		(516	)		387		(1.33	)

Loss attributable to common stock	$	(15,906	)		378	$	(42.12	)	$	(589	)		387	$	(1.52	)


Effect of Dilutive Securities:
Stock options and other		—			—					—			—

Diluted:
Loss from continuing operations	$	(14,947	)		378	$	(39.58	)	$	(73	)		387	$	(0.19	)
Loss from discontinued operations		(959	)		378		(2.54	)		(516	)		387		(1.33	)

Loss attributable to common stock	$	(15,906	)		378	$	(42.12	)	$	(589	)		387	$	(1.52	)

The diluted earnings per share calculation excludes options and restricted stock units that were anti-dilutive totaling 10.4 million and 4.7 million for the quarters ended September 30, 2015 and 2014, respectively, and 8.9 million and 5.5 million for the nine months ended September 30, 2015, and 2014, respectively.

Common Stock Dividends

For each of the quarters ended September 30, 2015, and 2014, Apache paid $95 million in dividends on its common stock. For the nine months ended September 30, 2015, and 2014, Apache paid $283 million and $271 million, respectively.

Stock Repurchase Program

Apache’s Board of Directors has authorized the purchase of up to 40 million shares of the Company’s common stock. Shares may be purchased either in the open market or through privately held negotiated transactions. The Company initiated the buyback program on June 10, 2013, and through December 31, 2014, had repurchased a total of 32.2 million shares at an average price of $88.96 per share. The Company has not purchased any additional shares during 2015, and is not obligated to acquire any specific number of shares.