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 months ended September 30, 2017 and 2016, is presented in the table below.



	For the Quarter Ended September 30,
	2017					2016
	Income		Shares	Per Share		Loss			Shares	Per Share
	(In millions, except per share amounts)
Basic:
Income (loss) from continuing operations	$	63	381	$	0.16	$	(574	)	380	$	(1.51	)
Loss from discontinued operations	—		381	—		(33		)	380	(0.09		)
Income (loss) attributable to common stock	$	63	381	$	0.16	$	(607	)	380	$	(1.60	)
Effect of Dilutive Securities:
Stock options and other	$	—	2	$	—	$	—		—	$	—
Diluted:
Income (loss) from continuing operations	$	63	383	$	0.16	$	(574	)	380	$	(1.51	)
Loss from discontinued operations	—		383	—		(33		)	380	(0.09		)
Income (loss) attributable to common stock	$	63	383	$	0.16	$	(607	)	380	$	(1.60	)



	For the Nine Months Ended September 30,
	2017						2016
	Income		Shares	Per Share			Loss			Shares	Per Share
	(In millions, except per share amounts)
Basic:
Income (loss) from continuing operations	$	848	381	$	2.23		$	(1,190	)	379	$	(3.14	)
Loss from discontinued operations	—		381	—			(33		)	379	(0.08		)
Income (loss) attributable to common stock	$	848	381	$	2.23		$	(1,223	)	379	$	(3.22	)
Effect of Dilutive Securities:
Stock options and other	$	—	2	$	(0.01	)	$	—		—	$	—
Diluted:
Income (loss) from continuing operations	$	848	383	$	2.22		$	(1,190	)	379	$	(3.14	)
Loss from discontinued operations	—		383	—			(33		)	379	(0.08		)
Income (loss) attributable to common stock	$	848	383	$	2.22		$	(1,223	)	379	$	(3.22	)

The diluted earnings per share calculation excludes options and restricted stock units that were anti-dilutive totaling 8.4 million and 4.7 million for the quarters ended September 30, 2017 and 2016, respectively, and 7.5 million and 6.5 million for the nine months ended September 30, 2017 and 2016, respectively.

Common Stock Dividends

For each of the quarters ended September 30, 2017, and 2016, Apache paid $95 million in dividends on its common stock. For the nine months ended September 30, 2017 and 2016, the Company paid $285 million and $284 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 negotiated transactions. The Company initiated the buyback program on June 10, 2013, and through September 30, 2017, had repurchased a total of 32.2 million shares at an average price of $88.96 per share. The Company is not obligated to acquire any specific number of shares and has not purchased any shares during 2017.