CAPITAL STOCK

Net Income per Common Share

A reconciliation of the components of basic and diluted net income per common share for the quarters and six months ended June 30, 2018 and 2017, is presented in the table below.



	For the Quarter Ended June 30,
	2018					2017
	Income		Shares	Per Share		Income		Shares	Per Share
	(In millions, except per share amounts)
Basic:
Income attributable to common stock	$	195	382	$	0.51	$	572	381	$	1.50
Effect of Dilutive Securities:
Stock options and other	$	—	3	$	—	$	—	2	$	—
Diluted:
Income attributable to common stock	$	195	385	$	0.51	$	572	383	$	1.50



	For the Six Months Ended June 30,
	2018						2017
	Income		Shares	Per Share			Income		Shares	Per Share
	(In millions, except per share amounts)
Basic:
Income attributable to common stock	$	340	382	$	0.89		$	785	380	$	2.06
Effect of Dilutive Securities:
Stock options and other	$	—	2	$	(0.01	)	$	—	3	$	(0.01	)
Diluted:
Income attributable to common stock	$	340	384	$	0.88		$	785	383	$	2.05

The diluted earnings per share calculation excludes options and restricted stock units that were anti-dilutive totaling 5.9 million and 8.5 million for the quarters ended June 30, 2018 and 2017, respectively, and 6.4 million and 8.6 million for the six months ended June 30, 2018 and 2017, respectively.

Common Stock Dividends

For the quarters ended June 30, 2018 and 2017, Apache paid $96 million and $95 million, respectively, in dividends on its common stock. For the six months ended June 30, 2018 and 2017, the Company paid $191 million and $190 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 June 30, 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.