CAPITAL STOCK

Net Income per Common Share

A reconciliation of the components of basic and diluted net income per common share for the quarters ended March 31, 2018 and 2017, is presented in the table below.



	For the Quarter Ended March 31,
	2018					2017
	Income		Shares	Per Share		Income		Shares	Per Share
	(In millions, except per share amounts)
Basic:
Income attributable to common stock	$	145	382	$	0.38	$	213	380	$	0.56
Effect of Dilutive Securities:
Stock options and other	$	—	2	$	—	$	—	3	$	—
Diluted:
Income attributable to common stock	$	145	384	$	0.38	$	213	383	$	0.56

The diluted earnings per share calculation excludes options and restricted stock units that were anti-dilutive totaling 6.7 million and 8.4 million for the quarters ended March 31, 2018 and 2017, respectively.

Common Stock Dividends

For each of the quarters ended March 31, 2018, and 2017, Apache paid $95 million in dividends on its common stock.

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 March 31, 2018, 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 2018.