17. Equity

The following tables summarize our equity activity for the periods presented (in thousands):

	Granite Construction Incorporated			Non-controlling Interests			Total Equity
Balance at December 31, 2017	$	945,108		$	47,697		$	992,805
Net (loss) income		(19,808	)		4,065			(15,743	)
Purchases of common stock¹		(6,165	)		—			(6,165	)
Dividends on common stock		(11,146	)		—			(11,146	)
Effect of adopting Topic 606		(15,202	)		—			(15,202	)
Issuance of common stock for Layne acquisition²		321,075			48			321,123
Premium on 8.0% Convertible Notes³		30,702			—			30,702
Transactions with non-controlling interests		—			(6,400	)		(6,400	)
Other transactions with shareholders and employees⁴		11,012			—			11,012
Balance at June 30, 2018	$	1,255,576		$	45,410		$	1,300,986


Balance at December 31, 2016	$	885,988		$	36,603		$	922,591
Net (loss) income		(9,657	)		2,078			(7,579	)
Purchases of common stock⁵		(6,568	)		—			(6,568	)
Dividends on common stock		(10,354	)		—			(10,354	)
Other transactions with shareholders and employees⁴		11,987			—			11,987
Balance at June 30, 2017	$	871,396		$	38,681		$	910,077

¹Represents 104,000 shares purchased in connection with employee tax withholding for restricted stock units vested under our 2012 Equity Incentive Plan.

²Represents 5,624,000 shares issued in connection with the Layne acquisition wherein each share of Layne common stock was exchanged for 0.27 shares of Granite common stock. See Note 3 for further information.

³Represents premium associated with the conversion feature on the 8.0% Convertible Notes assumed from the acquisition of Layne. See Note 14 for further discussion.

⁴Amounts are comprised primarily of amortized restricted stock units.

⁵Represents 133,000 shares purchased in connection with employee tax withholding for restricted stock units vested under our 2012 Equity Incentive Plan.